Effective October 1, Dr. Ismail Dagli (48) will take charge of Continental’s Autonomous Mobility business area, succeeding Frank Petznick, who will leave the company at his own request at the end of September.
At its meeting today, the Supervisory Board of Continental AG extended the appointment of CEO and chairman of the Executive Board Nikolai Setzer (52). Having been due to expire in March 2024, his contract will now run for a further five years until March 31, 2029. In a further resolution, Philipp von Hirschheydt (48) was appointed new Executive Board member for the Automotive group sector effective May 1, 2023. As planned, Setzer will thus hand over his additional responsibility for the Automotive group sector in order to concentrate on his duties as CEO.
Technology company Continental announced the official start of the Phase III expansion project of Changzhou Plant, its second joint venture in China with Jiangsu Changshun Group.
the Supervisory Board of Continental AG resolved to create the new Executive Board function “Integrity and Law,” which will be headed by Olaf Schick. He has been appointed to Continental’s Executive Board for a three-year period effective July 1, 2023, expanding the board to six members.
Continental is looking ahead to the second half of the year with optimism and maintaining its outlook for the current fiscal year. As expected, the ongoing turbulent market environment had a noticeable impact in the second quarter of 2022, however.
Continental cut its annual earnings forecast and warned of "lasting consequences" for production and supply chains if the war in Ukraine does not ease, with rising energy and raw material costs weighing on margins.
The supplier nearly doubled its expected procurement and logistics costs in its tire and ContiTech divisions and cautioned tthat its automotive group sector could end up in the red, having previously forecast a margin of 0 percent to 1.5 percent for the division.
