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Conti CEO Wennemer to step down

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Following closure of Continental AG's new agreement with the Schaeffler Group, Continental CEO Manfred Wennemer has asked the automotive systems/tire supplier's board to release him from his duties, effective Aug. 31.

The board has agreed to Wennemer's request "with great respect for (his) achievements," according to Continental officials. Wennemer was appointed CEO seven years ago.

"Under his leadership, Continental has developed into one of the most successful automotive suppliers in the world."

Wennemer's successor will be named "in the immediate future," they add.

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