Volkswagen Expected to Replace CEO Matthias Mueller This Week -- 3rd Update
10 4월 2018 - 11:09PM
Dow Jones News
By William Boston
Volkswagen AG's supervisory board is expected to vote on Friday
to replace Chief Executive Matthias Müller with Herbert Diess, a
former BMW AG executive who now runs the Volkswagen brand, the
German car maker's biggest business, according to a person familiar
with the situation.
Mr. Müller, who formerly ran Volkswagen's sports-car marque,
Porsche AG, became CEO of the company in September 2015 in the wake
of the disclosure in the U.S. that Volkswagen had rigged millions
of diesel-powered cars to cheat emissions tests.
Volkswagen's shares were 4.8% higher Tuesday afternoon.
Such a change would mark a surprising turn of events for Mr.
Müller, who was elevated to the top job with a mandate to clean up
after the company's damaging diesel-emissions scandal. He has
helped navigate the company through more than two years of legal
and regulatory wrangling with governments around the world. That
followed its admission that the company installed software that
helped its diesel cars appear to be emitting less harmful gases
than they really were.
As part of Volkswagen's recovery, Mr. Müller pushed a radical
move into electric cars. The strategy was opposed by many
long-serving Volkswagen executives and engineers, but appeared to
have the backing of the company's board of directors.
Despite Volkswagen's yearslong struggle with its diesel
emissions scandal, the company has performed strongly under Mr.
Müller. He led it past Toyota Motor Co. as the world's biggest auto
maker by volume. Profits -- while dented by fines, costs and other
liabilities related to its emissions troubles -- have been strong.
Shares have risen more than 50% since Mr. Mueller took over,
outdistancing the Stoxx Europe 600 index's 11% rise over the same
period.
Earlier Tuesday, Volkswagen said in a short statement it was
considering changes to its senior-management structure, including
possible changes to Mr. Müller's position and responsibilities. The
company said Mr. Müller "showed his general willingness to
contribute to the changes." The German car maker said the review
may not lead to actual changes in management structure or
personnel.
Write to William Boston at william.boston@wsj.com
(END) Dow Jones Newswires
April 10, 2018 09:54 ET (13:54 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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