Germany: Continental chairman resigns

Continental AG announced Saturday that its chairman and chief financial were stepping down, only weeks after the Schaeffler Group KG completed its purchase of the tire and auto parts maker.

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Schaeffler, which makes ball bearings, asked that Hubertus von Gruenberg resign as chairman of the board. Von Gruenberg will retain a seat on the board of the Hanover-based company.

Alan Hippe, the company's chief financial officer, will leave Continental for ThyssenKrupp, where he will lead controlling, accounting and financial reports beginning in April, the Duesseldorf-based steel maker said in a statement.

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Schaeffler, which purchased the Hanover-based company in January in a deal worth about euro8 billion ($10.4 billion), also gained four seats on Continental's board in a meeting Saturday and put forward attorney Rolf Koerfer as its preferred candidate to replace von Gruenberg as chairman. Koerfer represented Schaeffler during the purchase process.

The fusion of the two companies creates one of the world's largest auto parts makers, rivaling the likes of Robert Bosch GmbH.