- Nov 13, 2006
Big Wig to Big Rig: Pischetsrieder to oversee truck merger
The earliest reports on the "resignation" of Volkswagen group CEO Bernd Pischetsrieder indicated that while he'd be replaced as chief executive, he would be retained to take on "special assignments". What such ambiguous duties might entail was a mystery, but it's looking like he may be put in charge of managing a merger between two major European truck companies.
MAN has been maneuvering to buy out Scania with offers over $13 billion, but the Swedish company has been fighting to maintain its independence from the Germans (sound familiar?). Volkswagen AG happens to be the largest shareholder of both companies.
At the moment, Volkswagen is neither confirming nor denying the reports of Pischetsrieder's potential re-assignment. The supervisory board is due to meet on November 17, when they'll make their decision, so we'll just have to sit tight until then.
[Source: Automotive News – sub. req.]