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Continental replaces finance chief after prosecutor’s investigations -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: German expertise producer Continental presents its newest radar-control primarily based driving help system throughout the Continental TechShow 2021 at their manufacturing unit in Frankfurt, Germany, October 28, 2021. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) – Germany’s Continental will change Wolfgang Schaefer as Chief Monetary Officer after an investigation by prosecutors into the unlawful use of defeat gadgets in diesel engines, the automotive provider mentioned on Wednesday.

The corporate’s supervisory board made the choice at a unprecedented assembly and agreed that Nikolai Setzer, Chairman of the manager board, would take over Schaefer’s obligations.

“These modifications have been taken within the context of the already identified investigations by the general public prosecutor’s workplace in Hanover, relating to the unlawful use of defeat gadgets in diesel engines and shortcomings within the ongoing investigation by Continental,” Continental mentioned in an announcement.

“Continental is investigating the case rigorously and totally and is cooperating unconditionally with the general public prosecutor’s workplace,” it added.

The corporate’s premises in Hanover and Regensburg had been searched final 12 months as a part of an ongoing probe into emissions dishonest gadgets.

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