Sources say Volkswagen’s Diess still holds the position of CEO

FILE PHOTO: German President Frank-Walter Steinmeier visits the Volkswagen factory in Zwickau
FILE PHOTO: Volkswagen CEO Herbert Diess looks on during a visit to Volkswagen’s electric car factory in Zwickau, Germany, June 23, 2021. REUTERS / Matthias Rietschel / File Photo

December 6, 2021

A source close to the matter said the dispute between Volkswagen CEO Herbert Diess and the company’s powerful council appears to have been resolved.

After lengthy negotiations, a solution has been found whereby 63-year-old Diess is likely to continue her work, the source said.

“Things are moving in the direction that the dispute will be resolved and Diess will remain CEO,” the source said, adding that VW Brand Chief Ralf Brandstaetter is expected to joins the board – confirming what sources told Reuters last month – while Diess will focus on strategy.

Volkswagen and Porsche SE, the company’s largest shareholders, declined to comment.

Diess’ future has been in the balance since he mentioned the risk of sweeping job cuts in September, burdening the automaker’s efforts in drawing up a five-year investment plan. will be discussed by the supervisory board on Thursday.

(Reporting by Jan Schwartz Writing by Kirsti Knolle and Christoph Steitz Editing by David Goodman) Sources say Volkswagen’s Diess still holds the position of CEO

Bobby Allyn

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