Continental appoints Nikolai Setzer as its new CEO
The Supervisory Board of Continental AG appointed Nikolai Setzer (49) as new Executive Board chairman until March 2024, effective December 1, 2020. He succeeds 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 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.”
“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.