Volkswagen poised to axe boss Matthias Mueller

11 April, 2018, 17:01 | Author: Teresa Adams
  • VW could make change at CEO by end of week as part of management reshuffle

The statement said Mueller "showed his willingness to contribute" to the changes, but stopped short of saying whether Mueller was leaving his current job.

"The Volkswagen group is considering further evolving the leadership structure, which could be connected with changes in the board. a change to the chief executive could be involved", VW said in a statement.

Chairman Hans Dieter Poetsch is now in talks about changing the structure with fellow supervisory board members and members of the management board, Volkswagen said.

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.

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Mr Mueller, a former Porsche boss, replaced Martin Winterkorn, who stepped down as the diesel scandal rocked the automotive industry.

Muller was named CEO in 2015 after overseeing VW's Porsche brand, and has somehow led the automaker to record sales and profits as it dealt with an emissions scandal.

Shares in Volkswagen jumped on the news, and closed up 4.5 percent at 171.58 euros. Since admitting to the scandal, VW has paid out nearly €25 billion in fines, compensation, recalls and refits.

"If Diess is confirmed as the successor, VW shares will extend their gains", Evercore ISI analyst Arndt Ellinghorst said, who has an "outperform" rating on the stock.

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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.

FILE - In this June 1, 2017 file photo Matthias Mueller, CEO of the Volkswagen company, attends a contract signing ceremony as part of a meeting of German Chancellor Angela Merkel and China's Premier Li Keqiang at the chancellery in Berlin.

A Volkswagen spokesman declined to comment on the rumours when contacted by AFP. A veteran of the company, he had previously served as head of Porsche.

Matthias Müller is likely to be replaced as chief executive of Volkswagen as the carmaker struggles to move on from the diesel emissions scandal that claimed the scalp of his predecessor.

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