The automotive supplier draws the first conclusions from the massive data outflow from the company network.
(Photo: Reuters)
Dusseldorf The automotive supplier and tire manufacturer Continental is expanding its board of directors to six members and creating a new department for integrity and law. In its meeting on Wednesday, July 1, 2023, the Supervisory Board appointed lawyer Olaf Schick for this area for three years, as the Dax group announced in Hanover. Schick is currently Chief Financial Officer (CFO) of Mercedes-Benz Group China.
Chairman of the Supervisory Board Wolfgang Reitzle said: “We are bundling responsibility for legal affairs, compliance and risk management in one board department. Against the background of increasing requirements worldwide, we are thus approaching these topics in an even more focused manner and are underlining their importance.” The Board departments currently responsible for the areas will remain responsible until Schick takes office.
The appointment of a law and integrity board comes as a surprise. The position of the Automotive Board of Management has been vacant for over a year. Industry observers had expected the supervisory board to appoint a new board member for the sensor, software and automotive components business after Wednesday’s meeting. Conti bundles its future business in the automotive division.
Conti is under enormous pressure
Conti boss Setzer currently has several functions in the group. In addition to his position as CEO, he is also responsible for the automotive division and the compliance department. With Schick’s appointment, Setzer is partially relieved.
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However, the fact that the supervisory board first appoints a legal director shows the pressure the group is currently under. Conti currently has to deal with numerous legal issues. It is still unclear what responsibility Conti employees and former board members bear with regard to the manipulation of diesel exhaust gas values. Manipulations of air conditioning and industrial hoses have also recently come to light.
>> Read here: The chronology of the hacker attack at Conti
The company is currently being blackmailed by hackers. At the beginning of November, after a Handelsblatt inquiry, Conti admitted that cybercriminals had managed to penetrate the automotive supplier’s IT systems and steal more than 40 terabytes of data, including potentially sensitive personal data. The hackers are demanding a ransom of $40 million for the record.
Meanwhile, the head of the supervisory board, Reitzle, praises Setzer for his work in the compliance area. The Conti boss set the “decisive course” there. “In doing so, he strengthened integrity and compliance and paved the way for today’s step,” says Reitzle.
With material from dpa.
More: Continental employee uses unauthorized browser – thus enabling the gigantic cyber attack.