BERLIN, Oct 29 (Reuters) - German auto supplier Continental
AG said on Thursday its chief executive of the past 11
years, Elmar Degenhart, will step down from Nov. 30 due to
Degenhart, 61, had asked the supervisory board to accept the
early termination of his contract, which was due to run until
2024, due to "immediately necessary preventive health care",
Continental said in a statement.
Chairman Wolfgang Reitzle will convene a board meeting to
decide on a successor to Degenhart, who has been CEO since 2009,
Bloomberg news agency reported earlier on Thursday that the
company would replace Degenhart with the head of its auto
supplier core business, Nikolai Setzer, in order to speed up
Last week, Continental said it will post a third-quarter
loss after impairments and restructuring expenses as the auto
industry has been hammered by the coronavirus pandemic.
The company is due to reports results on Nov. 11.
(Reporting by Emma Thomasson; editing by Richard Pullin)