Ex-VW CEO Might Head Continental’s Board
According to the German publication Der Spiegel (via Automotive News) Bernd Pischetsrieder is credited with the first chance for the position, but was Schaeffler Group’s second choice. Schaeffler, who controls some 90 percent of Continental AG first opted for Ford Motor Co.’s executive Wolfgang Reitzle.
But Reitzle, who oversaw Ford’s operations for Volvo, Jaguar and Land Rover until 2002, turned down their offer. After working for Ford, Wolfgang Reitzle went on to become CEO for the German engineering and industrial gas company Linde Group.
Der Spiegel report also says Pischetsrieder was the choice suggested to tire company by Germany's Commerzbank boss, Martin Blessing. Such an action is understandable when you take into consideration that Commerzbank is one the biggest lenders for Continental AG and Schaeffler Group.
Another name speculated by the German media as to being a potential candidate for the supervisory’s board chief position is BMW’s former CEO, Helmut Panke. But returning to the main character of the story, Der Spiegel also revealed that VW’s ex-CEO Bernd Pischetsrieder was a member of the supervisory board of Dresdner Bank, bank that was later taken over by Commerzbank.
Bernd Pischetsrieder was born in Munich and held the position of CEO at VW group CEO from 2002 to 2006 and was BMW CEO from 1993 to 1999.