Continental Tire the Americas CEO Matthias Schoenberg Moves on to Key Global Assignment

FORT MILL, S.C., May 4, 2011 -- Continental Tire the Americas (CTA) today announced that CEO Matthias Schoenberg has been named worldwide head of ContiTech's Fluid Technology business unit. After more than four years of successful leadership at CTA, Schoenberg will return to Frankfurt, Germany to lead ContiTech's largest business unit, which has 13,000 employees and sales of 1.12 billion euro in 2010.

"Matthias Schoenberg provided outstanding leadership to Continental Tire the Americas," said Nikolai Setzer, Executive Board Member and head of Passenger and Light Truck Tires (PLT) for Continental, AG. "Through a focus on building the brand throughout the markets in North and South America, Matthias has guided CTA to a strong and successful business model in manufacturing, product and sales.

"Now that he has accomplished so much for our regional business, it is time for Matthias to take on the challenge of running a global business, in a new industry altogether."

Under Schoenberg's leadership, both the PLT and Commercial Vehicle Tire (CVT) divisions experienced unprecedented volume growth, as well as significant new-product launches. Markets throughout CTA also experienced solid increases in market share. This is especially the case in the key markets of the US and Brazil, which have grown consistently over the past three years. Much of this growth occurred despite the headwinds of the severe recession.

Schoenberg also led the decision to move the CTA headquarters to a brand new building in Lancaster County, S.C. in 2009. This coincided with the decision to change the name of the region from Continental Tire North America to Continental Tire the Americas, which Schoenberg felt was a more apt description recognizing the significant growth in key South American markets. A highlight of this growth was the acquisition of the leading tire manufacturer in Ecuador -- Compania Ecuatoriana del Caucho S.A. (ERCO), which provided Continental with a strong distribution network in Ecuador and the Andean Region.

"My years based in the Charlotte area have been very rewarding, not only from a business perspective, but also on a personal level," Schoenberg said. "My family and I thoroughly enjoyed calling Charlotte our home and we will miss it greatly. I will especially miss the outstanding team members of CTA who have worked so hard to improve our business performance and to provide our customers with great products and services. As much as I will be sorry to say goodbye, I am truly looking forward to the global challenge I have with ContiTech."

With 23 companies at 29 locations throughout the world, ContiTech Fluid Technology business unit develops and manufactures straight and shaped hoses, hose assemblies and tubing -- from the individual components to complete systems for a variety of industrial applications.

Schoenberg earned a Bachelor of Business Administration degree from Bayreuth University. He joined Continental in 1998 as a senior auditor and was promoted to director Finance and Sales & Marketing of Continental Tire's Portugal manufacturing facility and its related companies. In 2004, Schoenberg was appointed managing director, Continental Tire de Mexico, before being named CEO of Continental Tires the Americas.

A successor will be named in the near future.

With sales of 26 billion euro in 2010, Continental is among the leading automotive suppliers worldwide. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also an expert partner in networked automobile communication. Continental currently has approximately 155,000 employees in 45 countries.