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]