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Share Name Share Symbol Market Type
Volkswagen AG XE:VOW3 XETRA Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  5.34 4.16% 133.76 133.30 133.76 133.88 128.50 129.00 1,727,878 16:39:17

Volkswagen Cuts Management Board

01/09/2022 11:05am

Dow Jones News


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By Kim Richters

 

Volkswagen AG said Thursday that it has reduced its management board to nine from twelve members after changing its chief executive officer recently.

The German car maker said that, in addition to former CEO Herbert Diess who has left the company, Hildegard Wortmann is leaving the group's management board. Ms. Wortmann, a management board member at the Audi brand, will continue to be responsible for group sales.

In addition, Murat Aksel will continue to head group procurement but also move from the management board of the car maker. Both are joining an extended executive committee.

"In recent years, the Supervisory Board and the Board of Management have set the right strategic course by moving in the direction of electromobility and software. Now it's time to implement the initiated measures with a streamlined Group management," said Hans Dieter Poetsch, chairman of the supervisory board of the auto maker.

The changes come as Porsche AG Chief Executive Oliver Blume takes on the additional role of head of Volkswagen group as of Thursday.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

September 01, 2022 05:50 ET (09:50 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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