Continental Names New CEO Ahead of Industrial Unit Sale
Christian Kötz to Replace Outgoing CEO Nikolai Setzer
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Continental AG appointed Christian Kötz to lead the German tire maker as it prepares to sell its ContiTech industrial unit, the final step in its breakup plan.
Kötz, 55, will replace outgoing CEO Nikolai Setzer, 54, as part of a planned succession as the company focuses on its tire business, Continental said Dec. 17.Ìý
The new CEO will take charge next month, when it will begin a sales process for the ContiTech business, the company said. The division makes products such as conveyor belt systems and agricultural hoses.
A sale would mark the final piece in a plan to slim down Continental. The Hanover-based manufacturer earlier this year listed its auto parts business, dubbed Aumovio SE, in Frankfurt in response to pressure to become more agile in the face of structural issues at home and mounting competition abroad. Ìý
New CEO Kötz has held various positions in the tire unit in his nearly three decades there, including as global research and development head. He also has been an executive board member since 2019.
Setzer is stepping down prematurely, with his current contract previously due toÌýrun until 2029. He helped to restructure Continental and pave the way for the split, supervisory board chairman Wolfgang Reitzle said in a statement.Ìý
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