Continental chairman said to resign

Sources declared today that Continental AG Chairman Rolf Koerfer may resign from the supervisory board under a deal with controlling shareholder Schaeffler that would likely also claim Chief Executive Karl-Thomas Neumann. According to the same sources, Schaeffler CEO Juergen Geissinger hoped the compromise would win over the 10-strong labour faction on the board, which has opposed a plan by the 10 shareholder representatives to oust Neumann.