FRANKFURT (Reuters) -- Continental AG said on Friday its supervisory board would decide on Aug. 12 on management changes in the wake of a power struggle that has seen CEO Karl-Thomas Neumann lose the confidence of shareholders.
A supervisory board meeting late on Thursday had failed to achieve the necessary two-thirds majority vote to terminate Neumann's contract.
An arbitration process requiring only a simple majority also did not arrive at a conclusion, it said.
"A decision is expected to be made at that (Aug. 12) meeting," it said.
A supervisory board member who declined to be named told Reuters that Neumann is to be replaced by controlling shareholder Schaeffler's head of the automotive, Elmar Degenhart.
Continental's Nikolai Setzer will become new head of the car tire business on the management board, the source said.
Continental declined to comment on new manager appointments.