Allen & Overy partner Koerfer to step down as Conti chairman

Rolf Koerfer, chairman of German car-component maker Continental AG ('Conti'), will step down from his position once the company has found a replacement as well as a permanent chief financial office. This is part of a settlement reached by Continental and investor investor Schaeffler Group yesterday. Continental's CEO Karl-Thomas Neumann will be replaced immediately by Schaefller manager Elmar Degenhart. Koerfer has been criticized for allegedly not acting independently and tending to represent the interests of Schaeffler.

Allen & Overy partner Koerfer to step down as Conti chairman bloomberg.com Thu, Aug 13, 2009