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Continental Appoints Nikolai Setzer As CEO

German automotive supplier and tire manufacturer Continental AG (CTTAY.PK) said Thursday that its supervisory Board appointed Nikolai Setzer, 49, as new Executive Board chairman until March 2024, effective December 1, 2020.

Setzer succeeds Elmar Degenhart (61), who, as already announced, is stepping down from his position for health reasons, effective November 30, 2020.

Degenhart has been chief Executive officer of the company since August 12, 2009 and is currently in his third term. Degenhart asked last month the Supervisory Board to accept the early termination of his Executive Board mandate and his contract, which would have run until August 11, 2024.

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