Andreas Wolf (59) has been appointed to the Executive Board of Continental AG effective June 3, 2020, where he is responsible for the powertrain business Vitesco Technologies. As part of the organizational realignment of the Continental Powertrain division, Andreas Wolf assumed the position of Chief Executive Officer (CEO) of Vitesco Technologies on October 1, 2019.
He had already headed Continental Powertrain since October 2018. Before that, he was in charge of the Body & Security business unit in the Interior division. Under his leadership, this business unit has trebled its sales, exceeded its break-even point and continually achieved attractive profit margins. Furthermore, he was involved in setting up the joint venture with Osram, which was founded in 2018, and was responsible for the carve-out of Continental’s part of the business. Wolf has more than 30 years’ experience in the automotive electronics industry.
Prof. Wolfgang Reitzle, chairman of Continental’s Supervisory Board, welcomes the appointment of Andreas Wolf as a member of the Executive Board of Continental AG. Andreas Wolf is one of the company’s most experienced managers. He will focus fully on driving forward the powertrain business as a member of the Executive Board until the planned spin-off.
“The appointment of Andreas Wolf further reinforces our successful, trusting relationship. Andreas has already been a regular guest at our board meetings. I am confident that he will successfully implement the spin-off of the powertrain business as soon as the market environment allows and subsequently lead Vitesco Technologies to become a top, independent player in the fast-growing electrification market,” said Dr. Elmar Degenhart, CEO of Continental.
As part of the preparations for this year’s shareholders' meeting, the Supervisory Board today also decided to present a new remuneration system for Continental’s Executive Board members to the Annual Shareholders’ Meeting for approval. This is part of the recently revised and now uniform remuneration system for Continental executives. It focuses on the value the entire organization creates for all stakeholders.
The introduction of this new remuneration system, which covers all levels, will take place gradually. As is the case for members of the Executive Board, the variable salary component for executives will also be linked to the achievement of sustainability goals and the relative performance of the Continental share price. The value-sharing program for all other employees will also be adapted accordingly.