BERLIN (AP) -- Continental AG has named Karl-Thomas Neumann as its new chief executive after a weeks-long standoff over a takeover bid from Schaeffler KG that cost the German auto parts maker's previous head his job.
Hanover-based company said Saturday that Neumann is to begin work on Sept. 1. Alan Hippe was named to serve as his deputy.
The announcement comes days after Manfred Wennemer, who had led resistance to a deal with Schaeffler, decided to step down following an agreement which saw the smaller rival agreeing to limit its stake in Continental to a maximum 49.99 for four years.
Continental makes products including tires, brakes and interiors for cars and trucks.
