FRANKFURT -- German auto supplier and tire maker Continental named the head of its core automotive division, Nikolai Setzer, as its new CEO.
Setzer, 49, will replace Elmar Degenhart, 61, who is stepping down on Nov. 30 for health reasons, the company said in a statement on Thursday.
Setzer had been seen as Degenhart's successor, having worked for Continental his entire professional life.
From 2009 he led the passenger car division, joining the board of management. He previously led the company's high-margin tire division. He joined the tire-development operations in 1997 after studying mechanical engineering and economics in Germany and France.
In 2019, Setzer became spokesman for the newly created Automotive Board, which is tasked with profiting from the transformation of the automotive industry as it transitions from combustion engined toward electric and autonomous vehicles.