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:

Comments

Recommended

There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 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