HANNOVER (dpa-AFX) - The tire manufacturer and automotive supplier Continental must look for a new CFO. The current head of the department, Olaf Schick, will move back to Stuttgart to his former employer Mercedes-Benz on October 1, 2025, where he will become Chief Legal Officer, as both companies surprisingly announced on Wednesday. The Conti Supervisory Board intends to fill the position in due course, according to the Hanover-based company. Schick has been Conti's Chief Legal Officer since May 2023 and has also been responsible for the DAX-listed company's finances since July of this year.

"Olaf Schick will push ahead with the preparations for the spin-off and the planned stock market listing of Automotive at full speed until his departure," said Supervisory Board Chairman Wolfgang Reitzle about the planned spin-off of Conti's automotive supplier business. The Supervisory Board and the Annual General Meeting still have to approve the plan, and the spin-off should be completed by the end of 2025./men/stk