Continental Extends CEO Elmar Degenhart Contract Until August 2019 image

Continental announced it has extended the contract for CEO Elmar Degenhart by another five years until August 2019.

CEO Elmar Degenhart managed to guide Continental, the second largest maker of car parts in Europe, to return to Germany’s benchmark DAX index. The company decided to extend the Degenhart’s contract, which would have expired on August 2014, by another five years. Continental also named Frank Jourdan as member of the management board for the Chassis and Safety division.

“The members of the supervisory board unanimously honor Degenhart’s outstanding performance and reaffirm their trust,” Chairman Wolfgang Reitzle said in the statement.

Degenhart, 54, a former executive at Schaeffler, Continental’s biggest shareholder, took charge of the car-parts company in August 2009, when it was struggling with debt and the financial crisis effects. Since he took charge of the company, its shares saw a continuous increase, now being more than five times higher than the level in 2009.

“I am delighted to be able to continue putting all my strength and energy into the journey we’re on,” Degenhart said in the statement. “I am convinced that we can and will successfully tackle the challenges that lie ahead of us.”

Source: Bloomberg