Outgoing Volkswagen Boss Mueller May Stay On In Other Post

Outgoing Volkswagen Boss Mueller May Stay On In Other Post

Outgoing Volkswagen Boss Mueller May Stay On In Other Post

Labour representatives at Volkswagen VOWG_p.DE are concerned by a sudden rush by the German carmaker's board to approve sweeping changes on Thursday, sources said, while Handelsblatt reported that its finance chief could step down. The idea is reportedly to start fresh after the latest round of scandals related to diesel vehicle emissions.

Herbert Diess, chief of the Volkswagen brand, was named to take over as CEO of the company as a whole.

Continuing, Reuters reports: "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, which has a history of rocky management handovers, has made a decision to replace Matthias Mueller, 64, with the 59-year-old Diess, according to people familiar with the matter, who asked not to be identified speaking ahead of an official announcement.

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64-year-old Mr Mueller, always a reluctant CEO who had grown tired of the regular grillings by board members, responded during the talks by signalling he was prepared to step aside, they said. He's worked since 2015 on welding the commercial-vehicle operations more tightly together to reducing costs by sharing development.

Mr Diess joined VW from German rival BMW in mid-2015, shortly before the scandal erupted publicly.

"Diess is a man of action, he is the most plausible choice at VW to lead the group into the next phase of its transformation", said Nord LB analyst Frank Schwope, who has a buy rating on Volkswagen.

VW's statement didn't specify whether the planned changes meant replacing Mr Mueller or simply a shift in responsibilities.

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Without citing its sources, Spiegel said Karlheinz Blessing, who was appointed management board member with responsibility for human resources on January 1, 2016, would be replaced by Gunnar Kilian, secretary general of VW's works council.

On Wednesday four sources close to the company told Reuters that the supervisory board would seek to bring works council executive Gunnar Kilian onto the company's management board to try to secure backing for Diess and his plans.

As head of purchasing at BMW, Diess was instrumental in the luxury-car maker's ability to weather the financial crisis by squeezing more than 4 billion euros out of supply costs. That spurred his move to Volkswagen.

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