Home » Money

Scandal-hit Volkswagen names new CEO

15 April, 2018, 01:09 | Author: Kristi Dunn
  • MPCA Releases Plan On How VW Settlement Money Will Be Used

Diess, joined Volkswagen in July 2015, after previously working at BMW.

"VW has to push changing its structure to become more agile", said Ingo Speich, a fund manager with Union Investment with shares in Volkswagen.

Several other executives were replaced as VW revealed a new management structure it says will enable faster decision making at a time when autonomous and electric cars are starting to transform the industry.

The company has yet to comment on the reason for the shake-up or offer official confirmation of the changes.

Mueller had attempted to right the ship after VW admitted to installing software in 11 million diesel vehicles worldwide created to cheat regulatory emissions tests.

The Volkswagen supervisory board is clearly taking a gamble on a safe pair of hands, hoping that the 59-year-old Diess will prove the wartime leader necessary for restoring a reputation that remains in need of heavy work.

He led the company through the aftermath of the scandal and turned in record sales and strong profits in 2017. The company also makes cars under the Audi, SEAT, Skoda, Bentley, Bugatti, and Lamborghini brands.

Oscar winning director Milos Forman passed away at 86
The Fireman's Ball was released in 1967 and Forman was then invited to the USA by Paramount Pictures to make a film in America. Never prolific, Forman's output slowed even more after " Amadeus ", and his three subsequent films were disappointments.

Volkswagen (VOWG_p.DE) directors will meet on Thursday to discuss a far-reaching shake-up of its structure and leadership, in a test of unity for the auto and truck maker's often divided management, labor chiefs and other stakeholders.

More details are expected to be revealed at a press conference at VW's Wolfsburg headquarters Friday at 10:30 am (0830 GMT).

Mueller had attracted criticism for his slow pace of change after Volkswagen announced in the wake of Dieselgate that it would transition itself to focus on electric cars and "mobility solutions provider", focusing a large part of its efforts on how people would move around cities in the future.

Volkswagen is similar to other large companies in Germany, which, under a policy known as co-determination, or Mitbestimmung, requires supervisory boards to grant equal representation to workers and members elected by shareholders.

Notably, this news comes as Volkswagen appears to be mulling a possible stock market listing of its truck and bus division - leading one to think that the different news items may be intimately linked together.

In addition to his role as Chairman of the Board of Management, Diess will be responsible for group development and research, as well as vehicle information technology. It said the head of purchasing, Francisco Javier Garcia Sanz, was leaving at his own request and that his post would be filled on an acting basis by Volkswagen brand purchasing head Ralf Brandstaetter.

Volkswagen is controlled by the Piech and Porsche families, who hold 52 percent of the voting rights. The German state of Lower Saxony has 20 percent and Qatar Holding 17 percent.

Recommended:

  • Driver in Hart family cliff crash was drunk

    Driver in Hart family cliff crash was drunk

    The 31-metre drop killed the women, both 39, and their children Markis Hart , 19; Jeremiah Hart , 14; and Abigail Hart , 14. Authorities searching for a family whose SUV plunged into a Northern California river have found the body of a child.
    What Mark Zuckerberg said about Facebook Messenger Kids

    What Mark Zuckerberg said about Facebook Messenger Kids

    Did Zuckerberg reveal we will all soon be paying for the site? "You are using Facebook to hurt people", he told Zuckerberg. He did not name specific companies. "Oil you can actually see, data you cannot", Bhatt said.
    Commonwealth Games: Crisis-hit Cameroon athletes go missing in Australia

    Commonwealth Games: Crisis-hit Cameroon athletes go missing in Australia

    With only four days left in the 2018 Commonwealth Games, an unexpected storyline has surfaced. The Australian government has warned athletes against overstaying their visas.
  • On Guru Basketball: Knicks Coaching Career Requirements: the Very Qualified for Slimming

    On Guru Basketball: Knicks Coaching Career Requirements: the Very Qualified for Slimming

    They are out of the playoffs for the fifth season in a row, and they own just one playoff series victory in the past 18 years. Hornacek was sacked following the Knicks' regular season finale on Wendesday, according to ESPN's Adrian Wojnarowski .
    Uber Launches New App For Its Drivers

    Uber Launches New App For Its Drivers

    The expansion kicked off earlier this week after Uber announced that it had acquired bike-sharing startup Jump. Uber is hardly the first tech behemoth to lay out its vision for the future of transportation.
    Sony's PS5 Is Likely Several Years Away

    Sony's PS5 Is Likely Several Years Away

    Also in the report is word that the PS5 will play games that do not run on PS4, so this sounds like it could be a big step up. If any dev-kits are in the wild, then they're really early ones; likely just desktop PC's with targeted specs.
  • Niko Kovac to switch Eintracht Frankfurt for Bayern Munich

    Niko Kovac to switch Eintracht Frankfurt for Bayern Munich

    Kovac who is a former Croatia global played 34 Bundesliga matches for Bayern from 2001 to 2003, scoring three goals . Back in October Heynckes returned to Bayern for a fourth spell following the departure of Carlo Ancelotti .
    Trump reverses position on Asian trade pact

    Trump reverses position on Asian trade pact

    Aso added that he expected Prime Minister Shinzo Abe and Trump to discuss TPP at their summit meeting next week. After he withdrew, the remaining 11 countries continued to negotiate over the pact, signing the deal in March.
    Top US Republican Paul Ryan won't seek re-election

    Top US Republican Paul Ryan won't seek re-election

    Ryan will serve out his full term and informed fellow Republicans of his plans Wednesday during a meeting of the GOP conference. Ryan spokesman Brendan Buck said in a statement that Ryan was proud of his achievements and ready to focus on his family.
  • La House committee rejects bill to eliminate death penalty

    La House committee rejects bill to eliminate death penalty

    With more than 6,000 people awaiting execution, Pakistan has one of the largest death-row populations in the world. Guinea abolished the death penalty for all crimes and Kenya abolished the mandatory death sentence of murder.
    Apple appoints Oliver Schusser as Apple Music VP

    Apple appoints Oliver Schusser as Apple Music VP

    His business cards will now read 'vice president of Apple Music & International Content, ' and he will report to Eddy Cue . The new figures show that another 2 million signed up from March to April (a gain of 5.3%) to pay for Apple Music.
    Cynthia Nixon backs marijuana legalisation in NY

    Cynthia Nixon backs marijuana legalisation in NY

    The actor, who turned 52 on Monday, then goes on to say 80 percent of the New Yorkers arrested for marijuana are black or Latino. De Blasio has expressed support for the recently announced study. "I think we're actually ahead on it", he maintained .


Popular

Commonwealth Games: Indian women's hockey team misses out on bronze medal
India's women's hockey team turned in an embarrassing performance in the bronze medal round against England and was thrashed 6-0. Mary defeated Kristina O'Hara of Northern Ireland by a unanimous 5:0 verdict to take the title.

Real Madrid face Bayern and Liverpool tackle Roma in Champions League semis
As a player, he had captained the side at the 2006 World Cup and Euro 2008. Bobic added: "They did their thing and thought of themselves".

Russian Federation spied on Skripal and his daughter for at least five years
Her father remains hospitalized but British health officials say he is improving. Cyberspecialists from Russia's Foreign Intelligence Services hacked Ms.

Go Behind The Scenes with the Cast of Marvel's AVENGERS: INFINITY WAR
It gives us an in depth look at what the Infinity War cast and crew are like together and how much of a family they have become. First and foremost, Infinity War is apart of the MCU movies , and every film from the MCU has been leading up to this.

Mattis says no United States losses in Syria strikes
President Donald Trump is reiterating his title to supply different nations sort out additional of the burden in Syria . President Donald Trump says he is "prepared to sustain" strikes against Syria until the use of chemical agents stops.

Your Gmail May Have a Handy Self-Destructing E-Mail Feature Soon
Google did not immediately respond to a request for comment, but we will update this story if and when we hear back. Google had refused to remove the links, leading NT2 and another man known as NT1 to take the company to court.

Iran Vows to Respond to 'Israeli Crime' Referring to Airbase Targeting
The UN Security Council will meet twice on Monday following rival requests by Russian Federation and the United States. SANA said the missile attack resulted in a number of casualties but provided no specific figures.

IPL 2018: All matches moved out of Chennai
Committee of Administrators (CoA) Chairman Vinod Rai confirmed that the prevailing situation has forced them to explore options. There were massive protests outside the stadium ahead of the match and several hundreds of protesters were detained.

South Africa bids emotional farewell to 'Mama Winnie' Mandela
The Soweto Gospel Choir sang several songs and led mourners in singing the national anthem at the start of the service. Mandela was referencing the white residents of those neighbourhoods who she still considered the opposition.

Khloe Kardashian Having Early Contractions; Kardashians Jet to Cleveland
December 2016: Tristan's girlfriend Jordan Craig gives birth to their first son Prince , while he spends time with Khloe in LA. Kardashian has yet to respond to the rumors, as she and Thompson are expecting their baby any day now.