Continental AG Advances Automotive Spin-Off and Announces Leadership Changes

Continental AG is taking bold steps to reshape its future, announcing the spin-off of its Automotive group sector by the end of 2025. This major strategic move is aimed at creating a leaner, more focused holding structure while granting greater independence to its profitable Tires and ContiTech group sectors.

Integral to this transformation, Olaf Schick, Continental’s Executive Board member for Finance, Integrity, and Law, will step down early on September 30, 2025, following the completion of spin-off preparations. Schick will join the board of management at Mercedes-Benz Group AG effective October 1, 2025.

Automotive Spin-Off Details

The spin-off, subject to approval by the Supervisory Board in March 2025 and resolution at the Annual Shareholders’ Meeting in April 2025, aims to position the Automotive sector as an independent entity ready for the capital market. Preparations for the spin-off are set to be completed by the end of the third quarter of 2025.

Nikolai Setzer, CEO of Continental, highlighted the rationale behind the decision:
"We remain fully focused on spinning off Automotive and achieving greater independence for our profitable Tires and ContiTech group sectors. Our new structure will let us respond more flexibly to customer and market developments, enabling us to maximise our opportunities.”

Creating a Leaner Organisation
As part of the restructuring, Continental plans to transfer group-level services and functions to the individual sectors. This decentralised approach aims to ensure greater agility, with corporate responsibility shifting closer to customers and markets.

Philipp von Hirschheydt, Executive Board member and head of the Automotive group sector, stated:
"Our continuous performance improvements form the crucial foundation for making Automotive fit for the future and ready for the capital market. We are rigorously implementing all the measures necessary to achieve this."

Olaf Schick’s Role in Transformation

Since joining Continental in May 2023 and later assuming the role of Chief Financial Officer in July 2024, Schick has played a pivotal role in leading the spin-off preparations. Despite stepping down, Schick expressed his dedication to the ongoing transformation:
"The preparations for spinning off Automotive and transforming Continental are groundbreaking challenges, and I will continue to dedicate myself to them with passion and unwavering commitment until my departure."

Nikolai Setzer, CEO of Continental, commented:
"We are saddened by Olaf Schick’s decision to step down early. At the same time, he continues to enjoy the full trust of all board members and the entire organisation."

Looking Ahead

Continental’s Supervisory Board is expected to formalise Schick’s departure at its December 18, 2024 meeting and will decide on his successor in due course.

The spin-off and leadership transitions reflect Continental’s commitment to strengthening its core sectors and positioning Automotive as a future-ready market leader.

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