The Powertrain division of Continental AG will be headed by Andreas Wolf (57). He will report directly to CEO Elmar Degenhart.
Powertrain division will oversee all future business involving hybrid and electric drive systems. It will be under new management starting October 1, 2018.
Wolf was previously in charge of the Body and Security business unit in the Interior division. Under his leadership, this business unit has trippled its sales, became profitable again and continually achieves attractive margins. Furthermore, he was involved in founding the recent joint venture with Osram and was responsible for the carve-out of Continental’s part of the business.
The new management team will consist of Werner Volz (59), head of Finance and Controlling, and, starting January 1, 2019, Ingo Holstein (52), head of HR.
Werner Volz is an experienced financial expert who has held managerial positions in various business areas for more than 27 years. He has headed Finance and Controlling in Continental’s Chassis & Safety division since 2008. In particular, he played a major part in the successful restructuring of these areas during the financial crisis in 2008/2009 as well as in the lasting successful growth management of the business with advanced driver assistance systems.
Ingo Holstein has been the head of HR in the Tires division since 2010. He has gathered extensive expertise in the shaping of businesses through personnel work as well as management guidance and development.
Together with their teams, these three will be in charge of creating the group of legal entities and for preparing the partial IPO, which is expected to be possible starting mid-2019. This will ensure the continued development of the upcoming transition in the powertrain business. Continental still does not plan to relinquish control of the powertrain business in the medium or long term.
Andreas Wolf, the new head of the powertrain business, had the following to say about his new position: “We are already working hard to improve our operations now and in the long term, while preparing for potentially accessing capital markets. We are confident that we will be able to expand upon our strong, global position substantially in the coming years.”