The Limited Times

Now you can see non-English news...

Emissions scandal: Continental separates from CFO Wolfgang Schäfer

2021-11-17T17:45:20.873Z

Because Continental supplied an engine control system to Volkswagen in the emissions scandal, the company was targeted by the public prosecutor. Now the CFO has to go.



CFO Wolfgang Schäfer (center) has to leave Continental

Photo: Julian Stratenschulte / dpa

The automotive supplier Continental surprisingly exchanges its chief financial officer.

In an extraordinary meeting, the supervisory board approved the termination of the executive board contract with Wolfgang Schäfer with immediate effect, the group announced.

The changes "are related to the already known investigations by the Hanover public prosecutor's office into the use of illegal defeat devices in diesel engines and deficits in the ongoing investigation at Continental," it said.

The group is resolving the matter consistently and cooperating wholeheartedly with the Hanover public prosecutor.

The investigators had searched the auto supplier's offices several times in the past.

According to earlier statements, the investigation concerned a 1.6 liter diesel engine developed by VW, for which Conti had supplied the engine management system.

CEO Nikolai Setzer will take over Schäfer's responsibilities within the board, Conti said.

Until the successor has been arranged, Katja Dürrfeld, currently Head of Finance, Controlling and Information Technology in the ContiTech business unit, will temporarily take over the management of Group Finance and Controlling and Group Information Technology and in this role will report to Nikolai Setzer.

hba / Reuters

Source: spiegel

All business articles on 2021-11-17

You may like

News/Politics 2021-06-09T14:38:06.874Z

Trends 24h

Latest

© Communities 2019 - Privacy