At an extraordinary meeting today, the Supervisory Board of Continental AG agreed to mutually terminate Wolfgang Schäfer’s appointment as member of the Executive Board and chief financial officer, until now responsible for Group Finance and Controlling, Group Information Technology as well as Group Compliance, Law and Intellectual Property, effective immediately. Nikolai Setzer, chairman of the Executive Board, will assume Wolfgang Schäfer’s responsibilities. Until a successor is appointed, Katja Dürrfeld, currently head of Finance, Controlling and Information Technology for the ContiTech business area, will be in charge of Group Finance and Controlling as well as Group Information Technology in the interim and in this capacity will report to Nikolai Setzer.
These changes have been taken in the context of the already known investigations by the public prosecutor’s office in Hanover, Germany, regarding the illegal use of defeat devices in diesel engines and shortcomings in the ongoing investigation by Continental. Continental is investigating the case rigorously and thoroughly and is cooperating unconditionally with the public prosecutor’s office.