Volkswagen sets first quarter delivery record, Herbert Diess tipped as new CEO
Volkswagen sets first quarter delivery record, Herbert Diess tipped as new CEO
Volkswagen flags potential major management changes
11 April, 2018, 17:03
Last month, Mueller said that chief executives of big companies deserved high pay because "one always has one foot in jail".
The holding company Porsche SE also announced in a separate statement changes in its own management structure as a result from a general corporate shake up in the Volkswagen Group.
Karlheinz Blessing, member of the Board of Management of Volkswagen AG with responsibility for "Human Resources and Organization" attends Volkswagen AG annual news conference in Wolfsburg, Germany, April 28, 2016.
With Mueller agreeing to go, the controlling Porsche-Piech clan, the state of Lower Saxony and powerful labor leaders settled on Herbert Diess, chief of the Volkswagen brand, as the successor, the people said.
It is unclear how soon Diess, a former BMW BMWG.DE executive who joined VW in July 2015 and has clashed with the company's labour leaders, might replace Mueller.
In the aftermath of the diesel-cheating scandal, Volkswagen has been pushing to overhaul its rigid top-down management structure, delegating more responsibility to its brand and regional chiefs.
Shares in Volkswagen jumped on the news, and closed up 4.5 percent at 171.58 euros.
The supervisory board will vote on the change in top leadership at a meeting on Friday, according to people familiar with the matter, who asked not to be identified speaking ahead of an official announcement.
Citing company sources, the German newspaper Handelsblatt reported that Mueller is about to be replaced by Herbert Diess, an executive who now leads the Volkswagen brand. Since admitting to the scandal, VW has paid out nearly €25 billion in fines, compensation, recalls and refits. VW said earlier on Tuesday that it was considering a change in the CEO job.
But the persistent tug of war between its controlling families, unions and other stakeholders have made it hard to drive through structural changes that investors have said are key to the company fulfilling its potential.
Volkswagen is expected to make a final decision regarding the future of its top executive in Matthias Muller by the end of the week amidst the company's costly diesel emissions scandal. The works council, whose members occupy half the seats on the supervisory board, also declined comment.
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