The Automotive Technologies group will be called Automotive, and its business areas will be Safety and Motion, Autonomous Mobility, Smart Mobility, User Experience, and Architecture and Networking.
Setzer, who took over in 2020 after the abrupt departure of longtime CEO Elmar Degenhart, has pledged to sharpen Continental’s focus on growth areas.
Chip shortages and continued fallout from the pandemic have hit Continental at a time of declining returns that prompted the manufacturer to announce plans last year to cut or transfer some 30,000 jobs.
The supplier warned earlier this year that profitability could be held back by the semiconductor shortage, and in August cut the upper end of its sales outlook for the automotive division.
Starting Jan. 1, Continental’s executive board will consist of CEO Setzer (automotive), Wolfgang Schaefer (finance, controlling, compliance, law and IT), Ariane Reinhart (human resources, sustainability), Christian Koetz (tires, group purchasing) and Philip Nelles (ContiTech).
Continental, based in Hanover, Germany, ranks No. 6 on the Automotive News list of top 100 global suppliers, with 2020 sales to automakers of $29.7 billion.
Reuters contributed to this report
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