Business

VW set to appoint new boss in boardroom shake-up

VW set to appoint new boss in boardroom shake-up”

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

News outlets have reported that Volkswagen is looking to replace current CEO Matthias Mueller with the head of its core VW brand, Herbert Diess.

Further details are emerging over an expected management shake-up at German auto giant Volkswagen AG, ahead of a supervisory board meeting expected on Friday. However, it failed to elaborate further on that, or give any details as to what staffing changes could be on the way.

Markets reacted positively as both Porsche's and Volkswagen's shares rose by more than 4 percent shortly after the first reports of the looming management reshuffle.

Diess, 59, has been restructuring the VW brand to bring its cost structure and efficiency closer to that of rival Toyota.

Under Mueller - who was promoted to the top job in the chaotic days following the public disclosure of the diesel cheating - VW has weathered the blows from the scandal while embarking on an aggressive expansion into electric cars.

Despite the doubts, Mueller implemented a reform plan, which involved investing billions in an all-electric vehicle range which is set to hit the market int he next couple of years.

"We see no better alternative to Matthias Mueller to make the company fit for the future". Muller's dismissal comes despite the company's strong performance last year which saw profits of €17bn (£14.8), a 16 per cent increase on the year before. The company also said that Muller "showed his general willingness to contribute to the changes". This could include "personnel changes in the board of management" and different responsibilities for its members, the Wolfsburg-based business said.

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.

Mueller has been accused of a weakness in his decision-making at Europe's biggest vehicle manufacturer, a source close to the supervisory board told dpa.

A Volkswagen spokesman declined to comment.



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