HANOVER, Germany — Continental A.G. CEO Elmar Degenhart plans to resign Nov. 30, citing "immediately essential preventative health care" as the reason for doing so.
"It has been a pleasure and an honor for me to have been at the helm of Continental and leading its accelerated turnaround and profitable growth," Mr. Degenhart said in a statement.
"After a lot of effort invested for the benefit of our organization, I was recently made aware of the importance of immediately giving precautionary measures for my health the utmost priority when it comes to planning my personal life."
Mr. Degenhart, who has served at the helm of the automotive supplier for more than decade, requested termination of his executive board contract, which runs through Aug. 11, 2024.
Supervisory Board Chairman Wolfgang Reitzle will convene the board as soon as possible to appoint a successor for Mr. Degenhart. The board's aim, Mr. Reitzle said, will be to create continuity for the company overall as it looks to expand and establish itself as a "pioneering technology and software mobility company" as well as tire manufacturer and automotive supplier.
Finding a successor won't be easy, Mr. Reitzle added, noting that since taking the top post at Continental Mr. Degenghart has led the company through some tumultuous times.
"When he took office in August 2009, Mr. Degenhart and his team led the company out of a situation that threatened its very existence, and brought it back into the DAX 30 Index and to an industry-wide top position," Mr. Reitzle said. "Under his leadership, Continental's debt was significantly reduced to a normal level, its equity capital strengthened and its previous high investment grade fully restored."
Mr. Degenhart's resignation comes in the midst of a company-wide restructuring plan intended to boost profitability and position the company for growth as the mobility landscape evolves toward electric and autonomous vehicles. The restructuring—at least four North American facilities, numerous German plants and other international plants will be affected—was sparked, in part, by the slowing of the automotive market and the compounded impacts from the COVID-19 pandemic.
With the plan, Continental is looking to save about $1.17 billion per year by 2023 by cutting personnel, consolidating and closing operations, and selling less profitable components of the business.
On the investment side, the company just this month announced it will put $20 million into the campus of its North and South American headquarters in South Carolina.
"I would have clearly preferred to continue working on our structural realignment, our profitable growth and viability enhancement program," Mr. Degenhart said. "And I would have loved to enjoy the future success this will bring, especially since we have just recently prepared for it by making the most difficult decisions and setting the decisive course. But in consideration of the health-related advice that I received, I am now setting other priorities."
GREENVILLE, S.C. — Michelin North America Inc.'s BFGoodrich brand knows a thing or two about traction and grip in muddy, rocky terrain. Now, the tire maker is taking that expertise off-road for a different kind of "shoe."The Greenville-based tire maker teamed up with Cabela's L.L.C. to design a new hunting boot, the Cabela Treadfast Zoned Insulation Boot, featuring a sole based on the tread design of the BFG All-Terrain T/A KO2 tires. The boot is available exclusively through Cabela's and its parent company Bass Pro Shops."As a brand, BFGoodrich offers outdoorsmen the opportunity to embrace activities that feed their spirit of adventure," Tom Jupena, director of brand licensing for BFGoodrich Tires, said in a news release. "Whether it's all-terrain tires that help hunters reach their favorite camp, tires that bring reliability on everyday driving, or boots that bring confidence in any weather, BFGoodrich equips enthusiasts."The boots' tread design mirrors the tire's, making them ideal for rugged terrain. They feature a stone-ejector design, with large voids and lower "stone-ejector studs" between sculptures that prevent pebbles and gravel from becoming lodged in the sole.Interlocking block patterns on the outsole provide additional traction for the boots.This marks the second time BFGoodrich has partnered with Bass Pro Shops to help design shoes for outdoor enthusiasts. In March, the two collaborated on a fishing shoe that borrowed tire technology and design to improve grip on wet and dry surfaces.The companies did not identify the manufacturer or manufacturers of the footwear.