Hanover, Germany – Continental AG has appointed Nikolai Setzer as its new CEO/executive board chairman effective 1 Dec, the company has announced.
The appointment, which runs until March 2024, follows the recent decision by Dr. Elmar Degenhart to step down from the role, citing health concerns.
Commenting on his replacement, Degenhart said that through “strategic foresight and ability to implement ideas,” Setzer has “gained recognition both in and outside the company.”
Wolfgang Reitzle, chairman of Continental's supervisory board, cited Setzer's "long-standing bond with Continental" as well as "extensive international experience in the automotive and tire business," as reasons for the selection.
"Continental is in the process of transforming into a technology and software company that, together with vehicle manufacturers, is laying the foundation for the sustainable mobility of the future," Reitzle said.
"The supervisory board is certain that he will push forward with and successfully shape this transformation."
Over 23 years at Continental, Setzer has held various positions in development and sales in Germany and abroad, becoming head of the Hanover-based passenger-car tire business in March 2009.
He has been a member of the executive board of Continental AG since August 2009, assuming responsibility for its tires business area in August 2011 and for corporate purchasing in May 2015.
In April 2019, Setzer switched to Continental’s Automotive Group, where he assumed the newly created position of spokesman of the Automotive Board.