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Continental has appointed Karl-Thomas Neumann to succeed Manfred Wennemer as CEO starting September 1, the company said on Saturday.

Karl-Thomas Neumann, 47, is currently head of Continental's powertrain and chassis operations.

The company also named Chief Financial Officer Alan Hippe, 41, to the newly created position of deputy CEO.

Continental Supervisory Board Chairman Hubertus von Gruenberg said it had been difficult to choose between Neumann and Hippe, who had both been viewed as candidates to become CEO. But Gruenberg said: "There can only be one."

Wennemer, who headed the company for seven years, announced his resignation

Thursday. That day ball bearings maker Schaeffler won a battle for control of

Continental, a move the 60-year-old CEO strongly opposed.

The combined companies are forecast to have sales of more than 32 billion euros this year, making the megasupplier third in the world behind Germany's Robert Bosch and Japan's Denso.

Neumann, who has a doctorate in electrical engineering, formerly was responsible for Volkswagen's electronics strategy. He took charge of Continental's automotive systems division in October 2004.

Following the reorganization of Continental resulting from its 2007 acquisition of Siemens VDO Automotive Neumann became head of both Conti's chassis and safety unit as well as its powertrain division.

Along with his new title as deputy CEO and CFO, Hippe will remain responsible for Continental's passenger and light truck tires division. In addition, starting October 1 he will take charge of the ContiTech division from Gerhard Lerch, 65, who is retiring.

Hippe has been a member of Continental's executive board since June 2002.

There was speculation that Hippe's future at Continental was in doubt. Germany's

Manager Magazin reported on Thursday that the company would appoint a new CFO today. The publication said that a top Deutsche Post official, Michael Krause, was the likely candidate.

Reuters contributed to this report

You may e-mail Douglas A. Bolduc at dbolduc@craincom.de