In an announcement made on Wednesday, it's clear that the Chairman of Coventry's Supervisory Board, Wolfgang Reitzle, intends to keep his position until 2026. The Annual Shareholders' Meeting scheduled for April 2024 in Hanover will see Reitzle standing for re-election, as per the company's statement following a meeting of the board. At 74, the iconic figure expressed his desire to support the Executive Board's short-term implementation of the company's strategy. Previously, reports pointed to his plans to retire at the end of the current term.
The Executive Board, led by CEO Nikolai Setzer, welcomed this decision. Setzer, having navigated challenging years, is now ready to enter a phase of increased value creation. Recently, Continental declared their intention to test parts of their weakening automotive supply business. Potential spin-offs could impact around a quarter of the division's sales. However, they ruled out a complete sale.
Reitzle, along with other shareholder representatives, expressed their intention to stand for re-election. A spokesperson confirmed that half of them will serve a four-year term, with the rest, including Reitzle, agreeing to a two-year term. This move will allow for half of the shareholder seats to be filled every two years from 2026, contrary to employee representatives who will continue with the five-year term.
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Intriguingly, Continental's management shift isn't the main focus of the current available resources. Data from authentic sources such as press releases or annual reports would provide more specific details regarding Wolfgang Reitzle's role and any changes in leadership at Continental[1][2][4].
