After a months-long power struggle, Schaeffler Group says it has succeeded in ousting Continental AG CEO Karl-Thomas Neumann and installing the head of its own automotive-components business, Elmar Degenhart, as the new CEO. As part of a compromise reached to appease Continental’s unions, Schaeffler confidante Rolf Koerfer has agreed to step down from his post of chairman of the board as soon as a new finance chief is found. Three Continental senior executives also have been appointed to ...
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