Tuesday, 11 December, 2018

Volkswagen to replace HR chief with Gunnar Kilian: Spiegel

VW could make change at CEO by end of week as part of management reshuffle Volkswagen considering replacing CEO Mueller with brand chief Diess amid shake-up
Jan Cook | 11 April, 2018, 17:01

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.

It is unclear how soon Diess, a former BMW BMWG.DE executive who joined VW in July 2015 and has clashed with the company's labour leaders, might replace Mueller.

The replacement of CEO Mueller with Diess has been planned for months and group procurement chief Francisco Garcia Sanz, is also due to be ousted, Germany's Bild newspaper reported earlier on Wednesday.

As CEO, Mueller led Volkswagen through the aftermath of the scandal, which included billions in fines and penalties and USA criminal charges against several executives, to record sales and strong profits. 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".

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. The company sold a record 10.74 million vehicles, making it the world's largest carmaker, though the title is disputed by the Renault-Nissan-Mitsubishi alliance, which sold 10.6 million and says Volkswagen is counting trucks that aren't cars.

"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.

What Do Analysts Suggest For Delta Air Lines, Inc. (DAL)
The company had revenue of $10.25 billion for the quarter, compared to analysts' expectations of $10.14 billion. A number of other research firms also recently issued reports on DAL . (NYSE: DAL ) on Friday, January 12.

According to German newspaper Handelsblatt, which first reported the shakeup, Muller is to be replaced by Herbert Diess, who now heads up the Volkswagen brand.

"We see no better alternative to Matthias Mueller to make the company fit for the future".

VW and the works council declined to comment.

Its complex structure has extended to its main shareholder, Porsche Automobil Holding, where VW's chairman serves as the CEO and Mueller also serves as a top executive.

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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