Tuesday, 16 October, 2018

Volkswagen poised to axe boss Matthias Mueller

Volkswagen poised to axe boss Matthias Mueller Volkswagen poised to axe boss Matthias Mueller
Jodi Jackson | 11 April, 2018, 17:05

Scandal-hit vehicle giant Volkswagen said today it was considering reshuffling its board and that chief executive Matthias Mueller could be replaced, although no decision has yet been made. The 64-year-old Mueller has two years left on his current contract.

Shares in Volkswagen, which also owns the Bentley, Bugatti, Lamborghini, Skoda, Audi and Porsche brands, jumped on the news, and were up 4.3 percent at 171.24 euros at 1520 GMT.

VW has considered listing its trucks business, creating a premium cars division and selling off motorbike brand Ducati, but such reforms attempted by CEO Matthias Mueller have been thwarted by turf wars and opposition from the company's labour leaders. The scandal has cost the company over $30 billion. Amid opposition from labour leaders, Mueller failed to sell motorbike maker Ducati past year. Unions and Lower Saxony together have the power to block his appointment.

Further details are emerging over an expected management shake-up at German auto giant Volkswagen AG, ahead of a supervisory board meeting expected on Friday. Since admitting to the scandal, VW has paid out nearly €25 billion in fines, compensation, recalls and refits.

The company said in its statement on Tuesday that it was considering changes to its complicated management structure.

Volkswagen, which employes over 640,000 people, has turned aggressively to electric cars under Mueller's leadership.

Shares in Volkswagen spiked almost 3% in Frankfurt on Tuesday.

Volkswagen will give labor leaders a management board seat as part of a broad agreement to win approval for Herbert Diess as the German carmaker's new chief executive, sources said on Wednesday.

Chairman Hans Dieter Poetsch is in discussions with "certain members" of the firm's supervisory board and management board.

The VW cars with 2-liter diesels would meet emissions standards tests in a laboratory or testing station, but in normal operation, they emit nitrogen oxides at up to 40 times the standard, according to the EPA. Previous executives including Bernd Pischetsrieder and Wolfgang Bernhard struggled to push through such reforms.

Mueller's likely departure comes two days after Deutsche Bank, another pillar of corporate Germany, dismissed its chief executive, John Cryan, in pursuit of a more rapid turnaround following years of losses.

"If Diess is confirmed as the successor, VW shares will extend their gains", Evercore ISI analyst Arndt Ellinghorst said, who has an "outperform" rating on the stock. Its complex structure has extended to its main shareholder, Porsche Automobil Holding SE, where Volkswagen's chairman serves as the CEO and Mueller also serves as a top executive.

Volkswagen declined to comment on whether the board was poised to name Diess as new CEO.

Recommended

  • Bill Cosby's $3.4M settlement: Evidence of guilt or greed?

    Bill Cosby's $3.4M settlement: Evidence of guilt or greed?

    The most well-known of the five is 63-year-old model Janice Dickinson, who says Cosby drugged and sexually assaulted her in 1982. In this case, the jury will also be privy to the amount of money Cosby paid Constand when they originally settled the case.
    The royal baby is on its way

    The royal baby is on its way

    Kate and William decided not to learn the gender of their upcoming addition until he or she is born, Vanity Fair reports . Kate and William already have the help of George and Charlotte's full-time live-in nanny Maria Teresa Turrion Borrallo.
    Raikkonen fastest in Bahrain 2nd practice

    Raikkonen fastest in Bahrain 2nd practice

    With such fine margins, any one of the three teams could prove to be quickest during Sunday's race. Ricciardo's Red Bull team-mate Max Verstappen will start only 15th after crashing out in Q1.
  • Fresh Russian Sanctions Snare Some Western Firms

    Fresh Russian Sanctions Snare Some Western Firms

    Prime Minister Dmitry Medvedev said Moscow was looking at how to support the companies and sectors that have been hit. Rusal is the second-largest aluminum maker in the world, while the USA is the largest importer of aluminium.
    Cong leaders gobble chhole bhaturas, other delicacies before daylong fast

    Cong leaders gobble chhole bhaturas, other delicacies before daylong fast

    Speaking to reporters at Rajghat, Gandhi also said the grand old party will defeat the BJP-led NDA in the 2019 general election. The BJP follows ideology of oppressing Dalit, Tribal and minorities.
    Partey: Madrid derby 'more important' for title-chasing Atletico

    Partey: Madrid derby 'more important' for title-chasing Atletico

    However, their lead lasted less than five minutes as Griezmann capitalised on some poor defending to equalise it at 1-1. In the 20th minute, Atletico thought they had taken the lead when Diego Costa fired past Keylor Navas .
  • Facebook Has A Two-Tiered Privacy System That Favors Its Leaders

    Facebook Has A Two-Tiered Privacy System That Favors Its Leaders

    The researcher then sold the data to Cambridge Analytica , which was against Facebook rules. As a result it's likely to take some time for the full facts to come out.
    National Guard members begin arriving at US-Mexico border

    National Guard members begin arriving at US-Mexico border

    In Mexico Metropolis, a caravan of Central American migrants that had been heading north stopped inside the Mexican capital. In California, Brown's spokesman, Evan Westrup, said Monday that state officials are still reviewing Trump's troop request.
    Respected PM to satisfy ego: Andhra Pradesh CM N Chandrababu Naidu

    Respected PM to satisfy ego: Andhra Pradesh CM N Chandrababu Naidu

    Kejriwal had recently met Andhra Pradesh Chief Minister N Chandrababu Naidu in Delhi. "This is not democracy, not correct. Lok Sabha members of TDP chose Parliament's Central Hall as the venue of their sit-in protest.
  • Roma dreaming of Kiev after comeback against Barcelona

    Roma dreaming of Kiev after comeback against Barcelona

    According to Ivan San Antonio of the same outlet, Valverde had a similar message: "We're sorry for them, for the disappointment". They have been eliminated from FA Cup and Champions League this season, after a promising start in both campaigns.
    Ronda Rousey stuns with debut performance at Wrestlemania 34

    Ronda Rousey stuns with debut performance at Wrestlemania 34

    The match had always been hailed as Rousey's comeback after she lost her title to Holly Holm in 2015. Ronda Rousey killed it. 'This is not a smash and grab, this is not a publicity stunt'.
    Orban projected to hold majority in key Hungary vote

    Orban projected to hold majority in key Hungary vote

    Pollsters think a high turnout could benefit the opposition. "The Hungarian political landscape will dramatically change today". Speaking at a recent campaign rally, Orban accused the European Union of "trying to take away our country".

Tristan Thompson Cheating: Why Khloe Kardashian's Family Had Concerns Over Their Relationship Tristan Thompson Cheating: Why Khloe Kardashian's Family Had Concerns Over Their Relationship In a video captured by other club-goers, Tristan could be seen chatting with a mystery woman at the PH-D Lounge rooftop bar. Khloe is now 9 months pregnant with her first child and it is thought she is in the hospital ready to have her baby today.

Uber acquires dockless bike-sharing start-up JUMP for $200 million Uber acquires dockless bike-sharing start-up JUMP for $200 million Such concerns have led many large United States cities to cap the number of bikes allowed or resist dockless bike-share entirely. The deal comes two months after Uber partnered with Jump in San Francisco to make bike rentals available through the Uber app.

Brock Lesnar Re-Signs With WWE But Could Still Fight In UFC It is notably reminiscent to 2015 when Lesnar used rumors of a return to the UFC to negotiate a new WWE deal. WWE Chairman & CEO Vince McMahon announced today that Universal Champion Brock Lesnar has re-signed with WWE.

Weightlifter Laurel Hubbard's career ended by injury at Commonwealth Games Weightlifter Laurel Hubbard's career ended by injury at Commonwealth Games She previously said: "It would be untrue to say the thought [of a bad reception from the crowd] never crossed my mind". Despite this, Hubbard put on another 3kg for a 130kg hoist for her next lift.

Ferrari handed big fine for Raikkonen unsafe release Ferrari handed big fine for Raikkonen unsafe release Ferrari later tweeted that the mechanic, named only as Francesco, likely sustained a "shinbone and fibula fracture". Our plan worked but just, Bottas had a bit of a sniff but ran out of laps", said the four times champion.

Police still searching for motive of man behind van crash Police still searching for motive of man behind van crash Police quickly evacuated the area and ambulances, firefighters and helicopters rushed to the scene to aid those who were injured. A 51-year-old woman from Lueneburg in northern Germany and a 65-year-old man from Borken municipality near Muenster were killed.

LeBron James and Ben Simmons Share Instagram Props After Dueling Triple-Doubles LeBron James and Ben Simmons Share Instagram Props After Dueling Triple-Doubles Rockets 96, Trail Blazers 94: Chris Paul hit an off-balance layup with 0.8 seconds left to lift Houston past Portland in Houston. Markieff Morris had another understated yet productive all-around game Wednesday with 15 points, five rebounds and four assists.

One more BJP MP joins chorus over Dalit issue One more BJP MP joins chorus over Dalit issue There is a sense of stimulation among the party workers in regard to the direct interaction with the Prime Minister. It was a declaration of war with a firm eye on the 2019 Lok Sabha elections.

North Korea tells USA it will discuss de-nuclearisation North Korea tells USA  it will discuss de-nuclearisation Secretary of State, and the team from the Central Intelligence Agency are dealing with the preparations to the summit. In a separate report , a United States think-tank says North Korea may have started testing a new reactor.

Arsenal v Southampton - story of the match Arsenal v Southampton - story of the match Welbeck scored a late victor for Arsenal to inflict more misery on Mark Hughes' Southampton side. Southampton are three points behind 17th placed Crystal Palace but with a game in hand.

YouTube shooter's dad speaks publicly for the first time YouTube shooter's dad speaks publicly for the first time Mountain View police objected to that characterization and in a statement Wednesday detailed their exchange with Aghdam's family. Her mother broke down when it was brought up that the day of the interview, Thursday, would have been her 39th birthday.

Conor McGregor released on $50000 bail Conor McGregor released on $50000 bail Straight after the bus incident, Nurmagomedov called out McGregor and seemed to challenge him to an unregulated fight . Star brawler Conor McGregor is a free man, following a backstage melee in an outburst that could harm his star power.

US slaps sanctions on Putin's allies US slaps sanctions on Putin's allies The measures announced by the Treasury Department were also aimed at 17 senior Russian government officials. Campaigners against Kremlin corruption welcomed the United States move.

Pochettino on Harry Kane's fitness, Daniel Levy's earnings and Stoke clash Pochettino on Harry Kane's fitness, Daniel Levy's earnings and Stoke clash Any Spurs players feeling underpaid and undervalued could perhaps be angered by that pay boost for the man at the top. Klopp, though, reckoned he was satisfied with a performance that saw Liverpool largely control proceedings.

Canada hockey team bus crash kills 14 Canada hockey team bus crash kills 14 The bus driving the Humboldt Broncos had 29 passengers, including the driver, when it crashed at about 5 p.m. Ruschkowski said he was close with head coach Darcy Haugan and he will be missed in the hockey community.