Volkswagen names new CEO in sudden shift

13 Abril, 2018, 06:34 | Author: Arnold Perez
  • In this Jan. 15 2018 Volkswagen brand Chairman Herbert Diess speaks at the North American International Auto Show in Detroit. The supervisory board of the German car maker is convening Thursday

The latest results showed that the core VW brand posted sharply increased profits for 2017, even if the costs for dealing with the diesel emissions scandal remained high across the group.

Mr Mueller, a company veteran, was installed at short notice in 2015, a week after the company admitted to cheating United States diesel emission tests, prompting criticism from some investors who said that only an outsider could rebuild trust in the business. Now, he's poised to take VW's top job. The volume group will consist of Volkswagen, Skoda and Seat.

Mueller's replacement with VW brand chief Diess follows slow progress in reorganizing the group's auto brands, a key pillar of "Strategy 2025" to transform the Germany's biggest vehicle company into a leader in cleaner cars and to move on from its diesel emissions scandal of 2015.

"Bringing Herbert Diess' CEO nomination forward is the next step in transforming VW into a more modern and effective company", Evercore ISI analyst Arndt Ellinghorst said in a note.

Volkswagen announced the CEO change on Tuesday in a short and cryptic statement, abruptly ending the reign of Mueller who took over at VW a week after it was plunged into its biggest-ever corporate scandal.

Mr Mueller had been running Porsche before being elevated to replace Martin Winterkorn as VW chief.

The void has been filled by VW's powerful labor unions, which already had significant influence at the carmaker before the "Dieselgate" crisis.

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An agreement was made between the automaker's Management Board, plant management, and the worker's council.

Sources close to VW said the controlling Porsche-Piech families and Lower Saxony had decided they could not afford to wait because of the risk of the changes being leaked.

It said chairman Hans Dieter Poetsch will spearhead the transition, and that there is no certainty that personnel changes will in fact occur.

Minnesota will use 20 percent of the money to help pay for cleaner school buses, 35 percent for cleaner heavy duty on-road vehicles like trucks, 15 percent for cleaner off-road heavy equipment, 15 percent for buying new heavy duty electric vehicles and 15 percent for new electric vehicle charging stations.

Tensions flared in recent weeks between Mr Mueller and Lower Saxony's leadership, which is represented on the supervisory board.

Labor leaders opposed Mueller's plans for selling motorcycle maker Ducati and have scuppered other cost cut plans in the past.

The unit, which shares little or no overlap with the manufacturer's other divisions, will change its legal structure to prepare its access to capital markets, VW said in a separate statement.

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