Volkswagen to Slash Management Board Seats – Report
2022.08.31 14:46
By Scott Kanowsky
Investing.com — Volkswagen AG’s (ETR:VOWG) supervisory board has agreed to make cuts to the size of the German carmaking giant’s management board, Reuters reported on Wednesday, citing three people familiar with the matter.
The move would see the number of total seats reduced to nine from 12, one of the people said. The positions charged with handling procurement and sales would also be removed.
VW’s supervisory board discussed the reshuffle in a Tuesday evening meeting, but has yet to make a final decision, according to the sources.
The company declined to comment.
VW is mulling the shake-up in the wake of the departure of former head Herbert Diess, who was ousted from the firm in July by union leaders and shareholders. The management board has grown to a size of twelve during his tenure.
Reuters has reported that Diess’ replacement, Porsche chief executive Oliver Blume, is targeting a restructuring of the make-up of the group’s management board as one of his first objectives at the helm of company.
Blume, who will also remain the chief executive officer of the VW-owned Porsche brand, is set to take over from Diess on September 1.
Shares in VW were trading lower on Wednesday.
