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The largest organizational change in the history of Continental has been approved by the Board of Supervisors

The largest organizational change in the history of Continental has been approved by the Board of Supervisors

(Summary description)The Continental Group Supervisory Board approved the largest organizational change in the company's history at the Supervisory Board meeting held in Hanover on July 26. The Executive Board has decided on this change on July 18, 2018. With the approval of the Board of Supervisors, a new holding structure will be created under the brand new “Continental Group”. In this context, the Board of Supervisors approved the independence of the existing Powertrain Division into a separate legal entity with a new name in early 2019. Andreas Wolf will be the head of the new company in early 2019, and some IPOs of the new company are expected to be released in mid-2019.

The largest organizational change in the history of Continental has been approved by the Board of Supervisors

(Summary description)The Continental Group Supervisory Board approved the largest organizational change in the company's history at the Supervisory Board meeting held in Hanover on July 26. The Executive Board has decided on this change on July 18, 2018. With the approval of the Board of Supervisors, a new holding structure will be created under the brand new “Continental Group”. In this context, the Board of Supervisors approved the independence of the existing Powertrain Division into a separate legal entity with a new name in early 2019. Andreas Wolf will be the head of the new company in early 2019, and some IPOs of the new company are expected to be released in mid-2019.

Information

The Continental Group Supervisory Board approved the largest organizational change in the company's history at the Supervisory Board meeting held in Hanover on July 26. The Executive Board has decided on this change on July 18, 2018. With the approval of the Board of Supervisors, a new holding structure will be created under the brand new “Continental Group”. In this context, the Board of Supervisors approved the independence of the existing Powertrain Division into a separate legal entity with a new name in early 2019. Andreas Wolf will be the head of the new company in early 2019, and some IPOs of the new company are expected to be released in mid-2019.

 

      Wolfgang Reitzle, Chairman of the Board of Supervisors of Continental Group, said: “The Board of Supervisors supports the rapid and profitable growth of Continental. The early forward-looking organizational restructuring opened up new possibilities for the company and brought value to the company's operations, which made the Continental Group more durable. Competitive. This is why the Supervisory Board unanimously agreed to the biggest organizational change in the company's history."

 

Continental Group CEO Elmar Degenhart said: "In view of the profound changes in the automotive industry, in the past few months, we have reviewed various restructuring options and hope to continue to grow faster than the relevant market. In addition, we have seen We will make full use of this potential in the future expansion potential of key travel areas. On behalf of the entire Executive Board, I would like to thank all the members of the Board of Supervisors for their trust. After their restructuring, we are creating added value for our customers, and Move towards full speed in the future."

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