Nikolai Setzer to Succeed as CEO of Continental

Continental CEO Elmar Degenhart is stepping down amid a push by the supplier to overhaul management and speed up structural changes.

Degenhart, 61, is resigning his post “for reasons of immediately necessary preventive health care,” Continental said in a statement on Thursday.

The company did not name Degenhart’s successor. It said its supervisory board will meet shortly to decide on the appointment of a new CEO.

Degenhart will be succeeded by the head of the supplier’s core automotive operations, Nikolai Setzer, Bloomberg reported, citing people familiar with the matter.

Read the source article at Automotive News Europe

TIA Gives Legislative Update at Honors Ceremony

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The Tire Industry Association‘s Roy Littlefield III, CEO, and Roy Littlefield IV, director of government affairs, updated TIA members on key legislative issues that the organization is following for its members during Monday’s Tire Industry Honors Ceremony.

 

 
 

Read the source article at Tire Review

Michelin Revises Its Guidance for 2020 Upwards

Outlook for 2020: in a still highly uncertain environment, and taking into account the recent change in tire demand, Passenger car and Light truck tire markets are expected to decline by 13% to 15% over the year, Truck tire markets by between 12% and 14% and the Specialty markets by 15% to 19%. With these new forecasts and the cost reductions linked to the circumstances, the Group is revising its guidance for 2020 upwards, with segment operating income in excess of €1.6 billion at constant exchange rates and structural free cash flow* in excess of €1.2 billion, barring any new systemic effect** from Covid-19.

Read the source article at Send Press Releases with GlobeNewswire

Trelleborg Interim Report: July – September 2020

“During the third quarter, sales declined 12 percent, of which organic sales declined 7 percent. Exchange rate effects had a negative impact on sales of 5 percentage points. EBIT, excluding items affecting comparability, declined 4 percent, corresponding to an operating margin of 12.9 percent (11.7). The operating margin for our core businesses amounted to 13.7 (13.3). Operating cash flow, in relation to operating profit, was strengthened significantly. …

We see today that new local restrictions are being imposed as the spread of the infection continues. We foresee a tougher climate during the fourth quarter of the year, not least in the oil & gas segment, and a recovery in the aerospace segment will not occur until further into the future. We continue to adapt to the constantly changing conditions and we are doing this well. However, our general assessment in the current situation is that demand for the fourth quarter will be on a par with the third quarter”, says Peter Nilsson, President and CEO.

 

Read the source article at Trelleborg AB

Continental in talks to sell parts of Vitesco and ContiTech,

FRANKFURT — Continental plans to sell some of its automotive operations, including parts of powertrain arm Vitesco Technologies and rubber unit ContiTech, CEO Elmar Degenhart told a German business paper.

Read the source article at Automotive News Europe

Toyo restructures design and development divisions

Toyo has announced a significant restructuring of the various divisions within the company, with several departments being dissolved and incorporated into other business areas. The company hopes that the reorganization, effective October 1, 2020, will improve its design capabilities for high-level performance tires and its product development capabilities for customer-oriented products, and will reinforce the development of technological advances it sees as being relevant in preparation for the shift in the way society views mobility.

Read the source article at Tire Technology International

TRAC’s Carol Hochu Ready To Raise Profiles And Advance Issues

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Not even a pandemic can stop Carol Hochu, president and CEO-elect of the Tire and Rubber Association of Canada (TRAC), from hitting the ground running. Before officially beginning her position at the end of September, Hochu was making appointments, booking tours and reaching out to counterparts around the world like the United States Tire Association (USTA). “I want to connect with staff, board members, and other key stakeholders,” says Hochu. “I want to jump in with both feet and get rolling.”

Read the source article at Autosphere.ca

Pirelli Among Signatories of CFO Principles for Integrated SDG Investments and Finance Launched by The UN Global Compact CFO Taskforce

UNITED NATIONS, New York, 21 September 2020 — The UN Global Compact CFO Taskforce today launched the first integrated, UN-backed principles for integrated SDG Finance and Investment. The principles seek to guide companies in aligning their sustainability commitments with credible corporate finance strategies to create real-world impact on the Sustainable Development Goals (SDGs).

Released on the sidelines of the historic 75th session of the UN General Assembly, 34 Chief Financial Officers and C-suite Executives – members of the UN Global Compact’s CFO Taskforce – pin pointed four key areas that are relatively underserved but critical for SDG-aligned investments: SDG impact and measurement, integrated SDG strategies and investments, integrated corporate SDG Finance and integrated SDG communication and reporting.

Read the source article at Homepage

Nokian Tyres Ceo’s 100-Day Update

The COVID-19 pandemic has had a significant impact on global car and tire demand. Despite this, Nokian Tyres’ short-term priorities are clear: “We will continue to provide our customers and consumers with world-class products and services, while at the same time keeping costs under strict control. We will prioritize cash flow by cutting back investments and actively managing working capital,” says Jukka Moisio, President and CEO of Nokian Tyres. “In this volatile market environment, our focus in the second half of 2020 is tactical. A more thorough review of our longer-term growth strategy will take place once the market has stabilized.”

Read the source article at Choose the right tyre

Nokian Tyres plc: Invitation to a Q&A conference call with CEO Jukka Moisio

After 100 days as the President and CEO of Nokian Tyres, Jukka Moisio will share his initial observations on Nokian Tyres’ business in the current market situation and the company’s immediate priorities in a conference call, including a Q&A session, on Tuesday, September 8, 2020 at 3:00 p.m. Finnish time.  

Read the source article at news.cision.com