Kessel resigns from Continental AG executive board
Dr. Stephan Kessel resigned yesterday as chairman of Continental AG, citing differences over the strategic orientation of the compnay.
Continental has appointed Manfred Wennemer chairman of the executive board to replace Kessel. The company says Kessel is departing from the company "on very amicable terms."
In addition to his duties as board chairman, Wennemar has assumed responsibility for the Passenger Tire Division. Until further notice, Gerhard Lerch, already general manager of ContiTech Holding GmbH, is taking over sole management responsibility for the holding.
Wennemer has been with Continental since 1994. Since May 1, 1998, he has headed the ContiTech Group as member of Continental's executive board and was managing director of ContiTech Holding GmbH.
In other news, Dr. Wolfgang Ziebart has been named deputy chairman of Continental AG's executive board. Ziebart has been on the board since October 1, 2000. He oversees the Continental Automotive Systems Division.