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Volkswagen's Diess to remain CEO, but with fewer powers - sources
al-Reuters ^ | December 6, 2021 | Jan Schwartz; Writing by Kirsti Knolle and Christoph Steitz; Editing by David Goodman and Jan Harvey

Posted on 12/12/2021 7:09:50 PM PST by SunkenCiv

Brand CEO Brandstaetter to join management board - sources

Supervisory board to meet on Thursday

HAMBURG, Dec 6 (Reuters) - Volkswagen CEO Herbert Diess will likely stay on to lead Europe's largest carmaker as part of a solution that will see him cede some responsibilities following a clash with labour leaders, two people familiar with the matter said.

The solution would potentially end the carmaker's latest leadership tussle, which has caused uncertainty among investors and led the group's preferred shares to fall significantly in recent weeks.

After protracted negotiations led by Volkswagen Supervisory Board Chairman Hans Dieter Poetsch, a way forward has been found under which 63-year-old Diess, who has led the company since April 2018, will likely keep his job, the sources said...

VW brand chief Ralf Brandstaetter is slated to join the management board - confirming what sources told Reuters last month - while Diess will focus on strategy, the sources added.

Diess already ceded responsibility for the Volkswagen brand to Brandstaetter last year after weeks of squabbling between the company's powerful labour leaders and managers over the pace and scale of cost-cutting plans.

Handelsblatt had earlier reported that Volkswagen was close to a deal that could see Diess stay on. Shares extended gains after the news and closed 3% higher on the day as one of the biggest gainers in Germany's blue-chip index.

Volkswagen and Porsche SE (PSHG_p.DE), the company's largest shareholder, declined to comment.

Diess's future has hung in the balance since he mentioned the risk of far-reaching job cuts in September, complicating the carmaker's efforts to draw up a five-year investment plan that will be discussed by the supervisory board on Thursday.

Diess struck an upbeat tone at a managers' meeting last week, stating that negotiations with unions were going well.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Germany
KEYWORDS: christophsteitz; davidgoodman; elonmusk; europeanunion; germany; hansdieterpoetsch; herbertdiess; janharvey; janschwartz; kirstiknolle; porsche; ralfbrandstaetter; reuters; tesla; volkswagen

1 posted on 12/12/2021 7:09:50 PM PST by SunkenCiv
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...
"Is, is that the Golden Goose? OPEN FIRE!!!" -- German labor unions

2 posted on 12/12/2021 7:11:15 PM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: SunkenCiv

“Volkswagen’s Diess to remain CEO, but with fewer powers - sources”

He gets to keep x-ray vision, but no more leaping tall buildings in a single bound, or bending steel with his bare hands.


3 posted on 12/12/2021 7:11:56 PM PST by Flash Bazbeaux
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To: Flash Bazbeaux

“He’s always hot food at break time, but we never see him in the line for the microwave.”


4 posted on 12/12/2021 7:13:20 PM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: SunkenCiv

I hope this means that they will still produce ICE cars.

My GTI is almost due for replacement.

Won’t buy an EV Mustang; won’t buy an EV VW.


5 posted on 12/12/2021 7:28:22 PM PST by bakeneko
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To: SunkenCiv
It’s Diess and the electric car vs the Porsche and Piëch Families plus 35,000 German workers. I know whom I’m betting on!

Oh and whom do you image caused the Greens to protest the Tesla’s Berlin factory causing huge delays?

6 posted on 12/12/2021 7:44:12 PM PST by Lockbox (politicians, they all seemed like game show hosts to me.... Sting)
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To: Lockbox
Oh and whom do you image caused the Greens to protest the Tesla’s Berlin factory causing huge delays?
Well, obviously. Lawfare isn't just waged against PDJT or just in the US.

7 posted on 12/12/2021 7:52:10 PM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: bakeneko

EU proposes phasing out new internal combustion cars by 2035
11
Part of a broad new plan to cut carbon use on the continent
By Sean O’Kane
Jul 14, 2021, 11:31am EDT
https://www.theverge.com/2021/7/14/22576994/european-union-gas-vehicle-ice-ban-2035-electric-cars


8 posted on 12/12/2021 7:53:59 PM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: SunkenCiv

I pretty much have laid in a lifetime supply of Turbo-gas [for altitude performance compensation], AWD, manual transmission, station wagons.

It’s “what-ever” for me now.....


9 posted on 12/12/2021 8:07:32 PM PST by Paladin2 (Critical Marx Theory is The SOLUTION....)
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To: Paladin2
It's not about emissions, it's about control.

10 posted on 12/12/2021 8:11:23 PM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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