Karl-Thomas Neumann Named as New Continental Chief

Alan Hippe, 41, was also named in the newly created post of deputy chief executive, the statement added.

On Thursday, after weeks of hard bargaining, Continental finally agreed to the advances of compatriot Schaeffler to create a new global auto parts giant.

Wennemer, who had headed the company since 2001, fiercely opposed Schaeffler's takeover and "asked ... to be relieved of his responsibilities," Continental said.

The company employs around 150,000 people in 36 countries.