Olaf Schick (52) has been appointed Continental AG’s new chief financial officer with effect from July 1.

Schick will succeed Katja Garcia Vila (52) to take charge of the company’s finances and be responsible for its integrity and legal section. His predecessor will not be seeking re-election to the executive board and her contract will expire at the end of the year.

As a result, the number of members of Continental’s executive board will be reduced from seven to six.

“With Schick’s in-depth expertise, he has been able to build a modern global compliance and risk management system for Continental in a very short period and to fully implement the relevant measures. I look forward to working even more closely with him in his future role as CFO,” said Nikolai Setzer, the company’s chief executive officer.