Continental Appoints Neumann as New CEO

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Aug 28,2008

German car parts maker Continental AG has appointed Karl-Thomas Neumann to succeed Manfred Wennemer as chief executive starting from September, the company said on Saturday. Chief Financial Officer Alan Hippe was appointed deputy CEO, supervisory board chairman Hubertus von Gruenberg said after a board meeting in Hanover. Von Gruenberg said it had been difficult to choose between Neumann and Hippe, who had both been viewed as candidates to become CEO. But Gruenberg said: "There can only be one." Wennemer, who headed the company for seven years, resigned this week after ball bearings maker Schaeffler won the battle for control of tyres-to-brakes firm Continental, a move the 60-year old CEO had vehemently opposed. The deal opens the way to creating the world's third-biggest car-industry supplier with sales of $50 billion. Neumann formerly headed Volkswagen's electronics strategy and took over responsibility for Continental's erstwhile Automotive Systems division in October 2004. Following the reorganization of Continental resulting from its acquisition of the Siemens VDO automotive electronics business, 47-year-old Neumann heads both Conti's Chassis & Safety unit as well as its Powertrain division. The company is still looking for a new finance chief.

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