Following the closure of the far-reaching Investors Agreement with Schaeffler KG, as well as Ms. Maria-Elisabeth Schaeffler and Mr. Georg F.W. Schaeffler, Continental AG is opening a new chapter in its corporate history. Due to this, Continental CEO, Manfred Wennemer (60) has asked the supervisory board to be released from his responsibilities by August 31, 2008. The supervisory board has agreed to this request with great respect for Wennemers achievements. His successor will be appointed in the immediate future.
Wennemer has been Chief Executive Officer of Continental AG since September 2001. Under his leadership, Continental AG has developed to one of the most successful automotive suppliers in the world. The supervisory and executive boards of the company thank Mr. Wennemer for his most outstanding achievements for Continental during a decisive phase in its corporate history.