After weeks of power struggle, Volkswagen’s supervisory board and works council have buried the hatchet. Herbert Diess is still CEO, but he should relinquish some power and be given a new focus. This was decided by the Supervisory Board of the car manufacturer yesterday, Thursday.
Accordingly, in the future, Diess will mainly take care of strategic issues at VW, such as the new Cariad software division. It should retain control of volume brands as a whole.
In addition, the head of Volkswagen’s core brand, Ralf Brandstätter, will be promoted to the board of directors. From August 2022, Brandstätter will be responsible for the significant and recently significantly weakened Chinese business previously assigned to Diess. Thomas Schaefer, President of Skoda, will take over responsibility for the main Volkswagen passenger car brand on the group’s board of directors. From February 1, Hauke Stars will join the Supreme Committee as a member of the board of directors for the newly created IT and Organization department and Audi’s Director Hildegard Wortmann will be responsible for sales. This increases the number of members to eleven.
In the background, there is still a wrench in the Volkswagen group about the Porsche “Pearl of Return”. According to a report in Handelsblatt, the group is working on a potential initial public offering for the sports car branch.
What are Volkswagen owners planning?
Volkswagen intends to use the proceeds to fund digitization and the shift towards e-mobility. Spicy: VW owners and the Porsche and Piëch families are considering buying a large pool of stock from Porsche and are considering selling parts of their stake in VW. Families own 53.3 percent of Volkswagen shares. It was conceivable that families could hand over the majority to Volkswagen, she said in the report, but in this case it would have to remain the largest shareholder ahead of Lower Saxony (20 per cent).
According to reports, the royal families want to regain more access to the Porsche brand – which came under the Volkswagen umbrella in the context of the takeover battle between Porsche and Volkswagen in the 2008/09 financial crisis and thus lost its independence.
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