New streamlined structure for VW

Randolph Lopez
April 15, 2018

The company said it was contemplating a management reshuffle and reassigning responsibilities among executives that "could include a change in the position of the chairman of the board of management", the German term for CEO.

"Diess is a man of activity, he is the most conceivable decision at VW to lead the gathering into the following period of its change", said Nord LB examiner Frank Schwope. Additionally, Porsche sports vehicle division head Oliver Blume is being promoted to the top management body of the entire group. "For that, he is due the thanks of the entire Company".

More details about the restructuring are expected to be revealed at a press conference at VW's Wolfsburg headquarters on Friday morning.

He replaces Matthias Muller who recently stepped down from the post.

The plans were announced after Volkswagen board of directors ousted Matthias Mueller as CEO and discussed ways to overhaul the company, which spans motorbikes, buses, trucks and passenger auto brands including Ducati, Bentley, Porsche, Audi, Scania and Skoda.

It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Longtime chief executive Winterkorn quit days after the firm admitted to installing software in 11 million diesel vehicles worldwide created to cheat regulatory emissions tests in a scandal that became known as "dieselgate".

Secretary of State Nominee Mike Pompeo Testifies at Senate Hearing
He said he would not quit if Robert Mueller, the special counsel leading the Russian Federation investigation, was sacked by Mr Trump.

Britain official: Russian Federation spied on Yulia Skripal's emails for 5 years
Sedwill said "only Russian Federation has the technical means, operational means and the motive" to carry out such an attack. Among the techniques they had investigated for delivering nerve agents was applying them to door handles, he said.

Heavy rain likely, severe storms possible Saturday
Rainfall accumulation forecasts are expected to range between.25-inches to.75-inches in the heaviest downpours. They said there also is a chance of an isolated tornado, although at this time that chance appears low.

Gunnar Kilian who has served as Secretary-General of the Volkswagen Group Works Council until now has been appointed as the new member of the Group Board of Management for Human Resources.

But he has himself landed in prosecutors' sights over suspicions he may have known about the diesel cheating before it became public and failed in his duty to inform investors.

Shares in Volkswagen closed almost two percent higher to 176.60 euros ahead of the closely-watched board meeting, outperforming the Dax index of leading shares that was up almost one percent.

Muller, formerly the CEO of Porsche, took the helm of the group in the aftermath of the diesel scandal in 2015, in which the company had been found to be installing "defeat devices" in their cars to cheat emissions tests. Europe's largest automotive group is poised to replace group chief executive Matthias Mueller this week with Diess, a cost-cutter hired in 2015 from BMW as it seeks fresh impetus for its recovery from an emissions scandal.

The supervisory board approved sweeping corporate changes, including the promotion of VW-brand head Diess to the group's top post, at a four-hour meeting Thursday evening.

"Diess has no problem making enemies", the Sueddeutsche Zeitung daily wrote, recounting how the "tough-as-nails" executive drove a hard bargain with suppliers as head of purchasing at BMW. He inherited the top role from Martin Winterkorn, who resigned when the scandal broke.

Other reports by GlobalViralNews

Discuss This Article

FOLLOW OUR NEWSPAPER