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VW board to offer particulars on CEO’s future powers

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HAMBURG — Volkswagen Group’s supervisory board will present particulars Thursday on the long run duties of CEO Herbert Diess, that are more likely to be curtailed due to a conflict with the automaker’s works council, an individual acquainted with the matter stated.

The board, which additionally consists of representatives for the Porsche and Piech households, Qatar and Decrease Saxony, will define “find out how to proceed with Mr Diess and what will probably be his focus space sooner or later,” the supply stated.

The board was assembly on Thursday to debate the group’s subsequent five-year plan overlaying future investments, administration roles and manufacturing unit allocations.

The supervisory board, which oversees technique on the automaker, may also appoint new members to the administration board, which is accountable for operational actions, German press experiences stated.

The brand new administration board members are anticipated to incorporate VW model CEO Ralf Brandstaetter, who may also be positioned in control of the automaker’s key China operations. Skoda boss Thomas Schaefer will probably be promoted to steer the VW model instead of Brandstaetter, the experiences stated.

Audi’s gross sales and advertising and marketing boss, Hildegard Wortmann, may also get a administration board seat and can tackle a newly created function as head of gross sales at VW Group, based on Spiegel journal.

Spokespeople for Volkswagen and the supervisory board declined to remark.

Sources had advised Reuters earlier this week that Diess was more likely to keep on as CEO, albeit with fewer duties.

VW’s labor representatives, who maintain half of the supervisory board seats, known as for Diess’s dismissal due to his suggestion that large job cuts is likely to be wanted to compete with Tesla.


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