BERLIN – Continental announced plans for a restructuring that will combine its business activities around connectivity, mobility and high-performance computing.
The supplier said in a news release Thursday that its tires business and ContiTech division, focused on rubber technologies, would become independent group sectors. Its Automotive Technologies brand will split into five business areas.
As part of the restructuring, management board members Helmut Matschi and Frank Jourdan will step down, nearly three years before the end of their contracts. That will shrink Continental's board to five members from Jan. 1. It had nine members as recently as 2020.
"Mobility of the future is sustainable, automated and connected," CEO Nikolai Setzer said in a statement. "We are thus making the most of the potential presented by our unique strong technology position in all of these fields."
Continental described the reorganization as "market oriented," and said it would reduce complexity and time to market. “We are pooling our expertise, particularly when it comes to software,” Setzer said added.
The changes will become effective at the start of next year. The restructuring is a further step by Continental to reorganize its business after spinning off its powertrain unit Vitesco in mid-September. In March, Continental created Autonomous Mobility and Motion business areas.
