Volkswagen (OTCMKT:VLKAY) Restructures its C-Suite and Brand Management
Germany’s giant automaker Volkswagen (OTCMKT:VLKAY) is replacing CEO Matthias Mueller with core brand Boss Herbert Diess and announcing a new management structure the company said would enable faster decision-making as autonomous and EVs (electric cars) transform the industry.
The company said in its statement Thursday that it would group all its brands and management functions into 6 broad business areas +China.
Saying that the new structure would streamline decision-making in the individual operating units as the company deals with a rapidly shifting business environment.
The Volkswagen is also is replacing its heads of HR (human resources) and purchasing. Porsche sports car division head Oliver Blume was promoted to the Top management body of the entire group.
Mr. Mueller took over as CEO unexpectedly in September 2015 when Martin Winterkorn resigned over the scandal of rigging diesel cars to cheat emissions tests.
He led the company through the aftermath of the scandal and turned in record sales and strong profits in Y 2017. The company sold 10.74-M units, and made EUR 11.6-B in profit.
Board Chairman Hans Dieter Poetsch said Mr. Muller had done “outstanding work” at a time when the company “faced the greatest challenge in its history.”
|OTCMKT:VLKAY||43.04||12 April 2018||0.94||42.95||43.13||42.58||213,500|
|HeffX-LTN Analysis for VLKAY:||Overall||Short||Intermediate||Long|
|Neutral (0.22)||Bullish (0.31)||Bullish (0.33)||Neutral (0.03)|
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