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MarketScreener Homepage  >  Equities  >  Xetra  >  Continental AG    CON   DE0005439004

CONTINENTAL AG

(CON)
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Continental : Nikolai Setzer To Become Continental CEO

11/13/2020 | 08:00am EST

Supervisory Board appoints Nikolai Setzer (49) as new Executive Board chairman effective December 1, 2020.

Setzer succeeds Dr. Elmar Degenhart, who, as already announced, is stepping down from his position prematurely for health reasons

Prof. Wolfgang Reitzle, chairman of the Supervisory Board: 'Nikolai Setzer has our utmost trust and confidence. The Supervisory Board is certain that he will successfully shape Continental's ongoing transformation to a mobility technology company.'

Setzer will continue in his position as spokesman of the Automotive Board

In its meeting today, the Supervisory Board of Continental AG appointed Nikolai Setzer (49) as new Executive Board chairman until March 2024, effective December 1, 2020. He succeeds Dr. Elmar Degenhart (61), who, as already announced, is stepping down from his position for health reasons, with the consent of the Supervisory Board, effective November 30, 2020.

'Continental is in the process of transforming into a technology and software company that, together with vehicle manufacturers, is laying the foundation for the sustainable mobility of the future. Nikolai Setzer has our utmost trust and confidence. The Supervisory Board is certain that he will push forward with and successfully shape this transformation. Key factors here are his deep, long-standing bond with Continental and its company values as well as his extensive international experience in the automotive and tire business,' explained Prof. Wolfgang Reitzle, chairman of Continental's Supervisory Board. He added: 'At the same time, we express our sincere thanks to Mr. Degenhart for his outstanding performance, his exemplary leadership and his considerable contribution to Continental's success over the years. We wish him all the best for the future, especially regarding his health.'

Degenhart commented on the appointment of Setzer: 'I hold Nikolai Setzer in highest esteem, which evolved during our close and trusting cooperation as a result of his excellent service in a variety of functions and areas of the company. By virtue of his strategic foresight and ability to implement ideas, he has gained recognition both in and outside the company. I welcome the Supervisory Board's decision and wish Nikolai Setzer and the entire Continental team all the best and great success for the future.'

Nikolai Setzer | Dr. Elmar Degenhart

Setzer succeeds Dr. Elmar Degenhart, who, as already announced, is stepping down from his position prematurely for health reasons

'Continental has been a strong values alliance for top value creation for nearly 150 years. In view of the profound transformation in the automotive industry, Elmar Degenhart and our entire Executive Board team set the necessary strategic course early on in order to enhance Continental's competitiveness and viability. Therefore my most urgent task, together with executives and employees worldwide, is to pursue our ongoing growth course as a technology company without interruption and to lead Continental into a new era of mobility, backed by profitable growth,' said Setzer.

Nikolai Setzer

Supervisory Board appoints Nikolai Setzer (49) as new Executive Board chairman effective December 1, 2020

Setzer has worked at Continental since finishing his studies in engineering management in Germany and France in 1997. In his 23-year career at the company to date, he has held various positions in development and sales in Germany and abroad, assuming the position of head of the Hanover-based passenger-car tire business in March 2009. He has been a member of the Executive Board of Continental AG since August 2009. He assumed responsibility for the Tires business area - which was formed from the passenger-car and commercial-vehicle tire businesses - in August 2011 and for Corporate Purchasing in May 2015. In April 2019, Setzer switched to Continental's Automotive Group, where he assumed the newly created position of spokesman of the Automotive Board and was thus responsible for maintaining a unified business strategy in this area. He will continue in this position. The number of Executive Board members at Continental will decrease from nine to eight on December 1, 2020.

Please find here the curriculum vitae of Nicolai Setzer.

Contact

Vincent Charles

Vincent Charles

Head of Media Relations

Acting Spokesman, Business & Finance

Phone: +49 511 938-1364

E-mail:

vincent.charles@conti.de

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 37 422 M 45 371 M 45 371 M
Net income 2020 -448 M -544 M -544 M
Net Debt 2020 4 539 M 5 504 M 5 504 M
P/E ratio 2020 -54,8x
Yield 2020 1,95%
Capitalization 23 661 M 28 576 M 28 686 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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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 119,63 €
Last Close Price 118,30 €
Spread / Highest target 40,3%
Spread / Average Target 1,12%
Spread / Lowest Target -44,2%
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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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