Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

VW CEO's future still uncertain, with talks 'on a knife edge'

11/24/2021 | 07:59am EST
FILE PHOTO: Automobile awards The golden steering wheel in Berlin

HAMBURG (Reuters) -Volkswagen's top committee did not make a decision on the future of Chief Executive Herbert Diess at a meeting on Tuesday, two sources with knowledge of the matter said on Wednesday, with one describing talks as "on a knife-edge."

Diess and the German automaker's powerful union representatives have clashed in recent weeks over his management style and electrification strategy, after he warned jobs could be lost if the process was not managed well.

"This topic is so hot, it is on a knife-edge. I can't say anything further," said one source, who declined to be named due to the sensitivity of the matter.

"As expected, there is nothing new," a second source said.

Sources told Reuters on Tuesday the supervisory board's eight-person executive committee would likely need more time to find a compromise that would satisfy all parties.

The ongoing uncertainty over leadership and strategy at Europe's largest carmaker has left its stock performance trailing behind competitors in the past six months.

Its shares are down 18% since May, compared with an 11% rise at BMW and Stellantis, a 55% increase at Ford, and an 83% jump at Tesla, whose success Diess has frequently raised as a sign of why Volkswagen must transform more quickly towards electrification.

An agreement on the committee - which includes works council head Daniela Cavallo and representatives for the majority shareholder Porsche and Piech families - could depend on whether Diess agrees to change his management style, the sources said.

Sources close to negotiations said a resolution would likely come as part of a package including the announcement of new board members, details on job prospects for employees, and investment plans for the group, Reuters reported on Monday.

(Reporting by Jan Schwartz; Additional reporting by Christoph Steitz; Writing by Victoria Waldersee; Editing by Mark Potter)

By Jan Schwartz


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TESLA, INC. -5.26% 943.9 Delayed Quote.-5.73%
VOLKSWAGEN AG -1.63% 187.62 Delayed Quote.7.46%
Latest news "Economy & Forex"
05:41pIntel's $20 billion Ohio factory could become world's largest chip plant
RE
05:37pEuro Lost 0.61% to $1.1346 -- Data Talk
DJ
05:37pThe WSJ Dollar Index Rises 0.31% to 89.46 -- Data Talk
DJ
05:37pDollar Lost 0.45% to 113.68 Yen -- Data Talk
DJ
05:37pSterling Lost 0.91% to $1.3553 -- Data Talk
DJ
05:36pDogecoin Lost 7.89% to $0.144 at 5 p.m. ET -- Data Talk
DJ
05:36pEthereum Lost 15.23% to $2614.44 at 5 p.m. ET -- Data Talk
DJ
05:35pBitcoin Lost 11.36% to $36689.39 at 5 p.m. ET -- Data Talk
DJ
05:29pExplosion kills 13, flattens village in Ghana mining region
RE
05:18pVenezuela's public companies quadruple foreign currency sales to central bank
RE
Latest news "Economy & Forex"