Porsche's head of powertrain development has been arrested by German police in the sweeping investigation of diesel emissions violations by parent company Volkswagen Group, sources told German media outlets.
Volkswagen directors will meet on Thursday to discuss a far-reaching shake-up of its structure and leadership, in a test of unity for the car and truck maker's often divided management, labor chiefs and other stakeholders.
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.
BERLIN/HAMBURG — Volkswagen is seeking to replace Chief Executive Matthias Mueller with the head of its core VW brand, Herbert Diess, as part of a broader overhaul of its management structure to boost efficiency, two people familiar with the matter said. VW, still struggling to put its 2015 diesel emissions scandal behind it, said earlier on Tuesday it could replace Mueller as part of a management revamp. The shares jumped on the news and were up 4 percent at over 170 euros. It is unclea
And that's under new rules meant to cap top exec's salaries
"In many places we are still too slow, too bureaucratic and too hierarchical."
It's not really a 180, more of a 90.
VW's CEO claimed the company didn't lie to US regulators, which was just one setback for the automaker during the week of the Detroit Auto Show.
Volkswagen reorganizes the executive suite, putting Porsche design chief Michael Mauer in charge of VW Group design in addition to his role at Porsche.
The move comes at the same time as an executive shuffle at Audi, all while the company's internal investigation into emissions cheating continues.
Volkswagen boss Matthias Mueller released a new five-point plan that calls for the company to reassess its goal of rampant growth.
Volkswagen admits the bill for its diesel emissions subterfuge will exceed $7.3 billion, while Credit Suisse tells investors the bill could reach $87 billion.
Volkswagen CEO Matthias Mueller says that a recall on the company's diesels should begin in January. Mueller believes all of the affected cars could be fixed by the end of 2016.
Volkswagen will be forced to make painful cuts to cope with the impact of its diesel emissions scandal, ranging from cancellations and delays to budget cuts.