Germany’s Continental Appoints New CFO

FRANKFURT (AP) -- German tire and auto parts company Continental AG said Monday it had made several new management appointments, including Wolfgang Schaefer to the position of chief financial officer.

Hannover-based Continental said in a statement Schaefer, 50 will also be responsible for controlling, IT and law effective January 1.

Schaefer is currently executive director for Behr GmbH, an auto parts company in Stuttgart.

Jose Avila, 54, has been appointed a member of the executive board. He will be responsible for Continental's powertrain division and comes from Delphi Automotive LLP, an auto parts company based in the U.S.

Continental also appointed Wolfgang Reizle, 60, currently the chief executive of industrial gases and engineering company Linde AG, to chairman of the supervisory board, the equivalent of a U.S. board of directors.

Shares of Continental were down half a percent at euro41.48 ($62) in Frankfurt afternoon trading.

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