HAMBURG — Volkswagen Group’s supervisory board agreed on Tuesday night to take away two seats from the automaker’s 12-person administration board, sources conversant in the matter mentioned.
The information comes as Porsche CEO Oliver Blume takes over as VW Group CEO from Herbert Diess on Sept. 1.
The transfer indicators a sharper focus below Blume’s management following Diess’ turbulent four-year tenure that noticed the board swell to its present degree.
VW’s supervisory board mentioned the transfer in a gathering on Tuesday night however should nonetheless verify a remaining determination in writing, the sources mentioned.
VW declined to remark.
VW model’s procurement boss Murat Aksel and group gross sales boss Hildegard Wortmann will lose their board seats below the reshuffle, German media reviews mentioned.
Different administration board members reminiscent of Audi CEO Markus Duesmann, VW model CEO Thomas Schaefer and expertise chief Thomas Schmall will preserve their board seats, the reviews mentioned.
The appointment of the 54-year-old Blume as VW Group CEO displays efforts by the automaker’s controlling shareholder households to maintain the group on a shorter leash and have better say over technique, sources have informed Reuters.
Preliminary steps to checklist VW Group’s Porsche model on the inventory market, a transfer which might additional solidify the households’ management, are anticipated in coming days, based on sources conversant in the matter, triggering an announcement of an preliminary public providing as quickly as the primary week of September.