Rolf Koerfer to leave Continental AG board

Article by Christian A., on October 7, 2010

Succumbing to public scrutiny from his role as top legal adviser to major shareholder Schaeffler, Rolf Koerfer is finally stepping down from the Continental AG supervisory board.

In a joint statement that came out last Wednesday from Rolf Koerfer and the Schaeffler family, the lawyer said he will discuss with Chairman Wolfgang Reitzle the date of when he will leave the board.

Koerfer has long been a lightning rod for shareholder rights activists who think that he placed interests of Schaeffler above those of Continental investors.

The dispute between the management of the two companies has been going on for several months, resulting to the departure of several senior figures from Continental.

In the statement, Koerfer said, “With this move I hope to make a contribution to focusing on day-to-day affairs rather than on internal debates over individual people.”

German unions have demanded for Koerfer to give up the chairmanship of the supervisory board after a power struggle over his efforts to replace the then-Continental CEO with a Schaeffler manager.

Continental shareholders were upset at Koerfer for his role in the appointment of Schaeffler auto exec Elmar Degenhart as Conti CEO.

Schaeffler CEO Juergen Geissinger and matriarch Maria-Elisabeth Schaeffler were among those who supported the division of opinion among Continental investors. [via autonews - sub. required]

Topics: continental

If you liked the article, share on:

Pin It

Comments

Recommended

Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 2017
In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
McLaren is said to be designing the next generation of Sports Series, which could include a V6 hybrid among its powertrain options. It was earlier reported that the British automaker...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries