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MarketScreener Homepage  >  Equities  >  Xetra  >  Continental AG    CON   DE0005439004

CONTINENTAL AG

(CON)
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Continental : says CEO to resign for health reasons

10/29/2020 | 04:08pm EST

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 health issues.

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, it added.

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 structural changes.

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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CONTINENTAL AG -2.51% 118.55 Delayed Quote.-2.23%
LINDE PLC -0.68% 251.48 Delayed Quote.-4.57%
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Financials
Sales 2020 37 433 M 45 553 M 45 553 M
Net income 2020 -438 M -533 M -533 M
Net Debt 2020 4 539 M 5 524 M 5 524 M
P/E ratio 2020 -56,4x
Yield 2020 2,03%
Capitalization 23 711 M 28 863 M 28 854 M
EV / Sales 2020 0,75x
EV / Sales 2021 0,67x
Nbr of Employees 233 688
Free-Float 54,0%
Chart CONTINENTAL AG
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Technical analysis trends CONTINENTAL AG
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 119,83 €
Last Close Price 118,55 €
Spread / Highest target 40,0%
Spread / Average Target 1,08%
Spread / Lowest Target -44,3%
EPS Revisions
Managers and Directors
NameTitle
Nikolai Setzer Chairman-Executive Board
Wolfgang W. Reitzle Chairman-Supervisory Board
Wolfgang Schäfer Head-Finance, Controlling, Compliance & Law
Michael Iglhaut Member-Supervisory Board
Dirk Nordmann Member-Supervisory Board
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