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

Bimmerpost has posted several cool pictures of the new BMW G30 540i and the new G31 generation BMW 5-Series Touring, with both wearing the brilliant Rhodonite Silver Individual colour. The...
by - October 23, 2017
A few years ago, Lotus tried to take on Porsche. They had a five-car plan to go against competitors like Ferrari and Aston Martin. Though it did not go well,...
by - October 23, 2017
To keep the Nissan Maxima interesting, the Japanese automaker gives the 2018 model year a number of small tweaks. Some of these include standard Android Auto, which is a new...
by - October 23, 2017
It looks as if Chevrolet has everything planned out in terms of production. Firstly, they have plans of introducing the Corvette ZR1 in a few months, which will then be...
by - October 23, 2017
While Tesla Motors continues to struggle with regards to the assembly of its much awaited Tesla Model 3, investment firm Oppenheimer & Co. is confident that its previous production estimates...
by - October 22, 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