Finance

Volkswagen Group CEO to be replaced soon

Volkswagen Group CEO to be replaced soon

The statement said the board was considering changes that included the position of the CEO, and Mueller had signaled his "general willingness to contribute to the changes".

Volkswagen Aktiengesellschaft considers a further development of the management structure of the Group, which would also be associated with personnel changes in the Board of Management and with changes in the specific responsibilities of the Board of Management members. But when Winterkorn fell, he had only been with the company for less than three months.

"It is now open whether the considerations and discussions will lead to a further development of the management structure or to personnel changes in the Board of Management of Volkswagen Aktiengesellschaft".

The German vehicle maker said on Tuesday it was considering a change in leadership as part of a broader management overhaul, but gave no further details.

Business newspaper Handelsblatt reported that Herbert Diess, head of the VW brand - one of the group's 12 makes of cars, trucks and motorbikes - was slated to take Mueller's place.

Mr. Diess has been running the Volkswagen brand since 2015.

Mueller's possible replacement will likely face similar challenges to get Volkswagen's stakeholders to unite.

Diess has pushed the VW brand to cut costs and bring new vehicles to market faster, using a streamlined model-development technique he brought with him from luxury carmaker BMW (BMWG.DE), his previous employer. A timeline as to how soon Diess could replace Mueller is unknown.

Including Mueller, VW's management board totals nine people, with responsibilities ranging from purchasing to legal affairs to financing and human resources.

Previous executives who attempted deeper cuts in VW's homeland, including Bernd Pischetsrieder and Wolfgang Bernhard, were forced out of office or stifled in their reform efforts.

Volkswagen is considering a management shakeup that could mean replacing its current CEO Matthias Mueller.

The potential restructuring was first reported by German magazine Der Spiegel.

Volkswagen declined to comment on whether the board was poised to name Diess as new CEO.

But any hopes of becoming VW CEO were seen depending on whether he could secure backing from executives, and from labor representatives who occupy half the 20 supervisory board seats.


  • American Idol: Who Made Top 14?

    American Idol: Who Made Top 14?

    Michelle Sussett and Luis Fonsi - you know, the " Despacito " guy - duetted on Bonnie Raitt's ballad "I Can't Make You Love Me". Kay Kay came through with what Lionel Richie referred to as "poise" as she delivered Rihanna's "Love On The Brain".
    Oil holds near $63 as crude stocks drop, trade tensions abate

    Oil holds near $63 as crude stocks drop, trade tensions abate

    In the U.S. , where supplies have threatened to undermine OPEC's curbs, an industry report said inventories slid last week. Brent is now trading at $66.21 (Dh242.99) per barrel and the USA benchmark West Texas Intermediate at $62.34 per barrel.
    Amazon Launches Alexa Intercom Feature for Echo Devices in Canada, USA

    Amazon Launches Alexa Intercom Feature for Echo Devices in Canada, USA

    If you own the Amazon Fire HD 10tablet, you know how much easier accessing your virtual assistant is with hands-free Alexa. Amazon has introduced a new Alexa Announcements feature that lets you use your Echo device like an intercom.
  • Increased transparency has revealed challenging truths about gender pay

    Increased transparency has revealed challenging truths about gender pay

    Particularly telling is the section where companies reveal what percentage of the best and worst-paid members of staff are women. The pay disparity between women and men is often framed as a difference in experience.
    Stocks open lower as trade jitters persist

    Stocks open lower as trade jitters persist

    The company said Friday, after the markets closed, that a recent fatal crash of one of its cars involved an activated Autopilot. Advancing issues outnumbered declining ones on the NYSE by a 3.66-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored advancers.
    Waterslide designer detained over decapitation of 10-year-old boy

    Waterslide designer detained over decapitation of 10-year-old boy

    The company also operates water parks here in Corpus Christi, Galveston, South Padre Island and New Braunfels. The two women suffered face injuries and lacerations, according to investigators.
  • Prince Harry and Meghan Markle wore matching tees, giving us couple goals

    Prince Harry and Meghan Markle wore matching tees, giving us couple goals

    And Markle added, "That means a lot to me". "It will also be an opportunity to meet some of Harry's relatives for the first time". "Harry and Meghan: A Royal Romance" will air on Lifetime on May 13, just six days before the real-life couple Wednesday at St.
    Russia, UK engages in war of words at UNSC meet

    Russia, UK engages in war of words at UNSC meet

    Investigators determined that they had been poisoned by a nerve agent and believed that the pair was intentionally targeted. Kovalenko also questioned why so many Russian citizens have died "under very mysterious circumstances" in Britain.
    Trump says he will use military to protect USA  border with Mexico

    Trump says he will use military to protect USA border with Mexico

    Trump has also demanded Mexico break up the caravan of hundreds of Central Americans traveling to the U.S . Some members of Congress said they were uncomfortable with the idea of using the military at the border.
  • (MSFT) Holdings Lifted by Atria Investments LLC

    (MSFT) Holdings Lifted by Atria Investments LLC

    Walter & Keenan Financial Consulting Mi Adv has invested 3.4% of its portfolio in Microsoft Corporation (NASDAQ: MSFT ). Proshare Advsr Lc holds 0.01% or 3,600 shares. 621,995 were reported by Rwc Asset Management Ltd Liability Partnership.
    RBI keeps key interest rates unchanged

    RBI keeps key interest rates unchanged

    The reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and bank rate at 6.25%. In the last three policy meetings, the Reserve Bank has maintained the status quo on the interest rates front.
    Despite Trump Remarks, Pentagon Says Mission Not over in Syria

    Despite Trump Remarks, Pentagon Says Mission Not over in Syria

    Mr Trump was reportedly persuaded by his national security team not to order a quick withdrawal at a meeting on Tuesday. Two U.S. -led Coalition personnel were killed on Thursday, and five others wounded, in Mangij, Syria.