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Volkswagen Contemplates Changing CEO in Reshuffle

Volkswagen Contemplates Changing CEO in Reshuffle

Volkswagen's board abruptly ended the tenure of Chief Executive Officer Matthias Mueller, a caretaker who revived the carmaker after its worst crisis on record, turning instead to a leader who can implement deeper changes, people familiar with the matter said.

Volkswagen has also put huge emphasis on China, branding the market "decisive" for its future success. After serving a number of different positions with in the company, including Audi and Lamborghini product coordinator and Porsche CEO, he assumed his current position at the helm of the overall Volkswagen Group in 2015 when he was put in the position a week after the company admitted to cheating USA diesel emissions tests. In response to the company's decision to initiate a change in leadership, Mueller had expressed willingness to be a part of the overhaul.

Shares in Volkswagen surged in Tuesday afternoon trading, adding as much as five percent on the day before paring their gains to around 4.0 per cent at a price of 170.84 euros around 3:30 p.m. The scandal has cost the company over $30 billion.

Matthias Mueller, CEO of the Volkswagen Group, could be replaced by as soon as this Friday, if a report out of Germany proves to be correct.

Volkswagen Aktiengesellschaft announced the company considers a further development of the management structure of the Group which could also include a change in the position of the chairman of the Board of Management.

Saudi air defence forces intercept missile over Najran - statement
The Yemeni rocketry forces managed on Tuesday to launch a ballistic missile (Badr1) onto a Saudi military camp in Jizan. The group unveiled the Qasef-1 drone a year ago .

Floyd Mayweather makes huge claim over potential fight with Conor McGregor
Mayweather would finish 50-0 as a professional boxer, his last victory coming against McGregor on August 26, 2017. When Floyd Mayweather tries to take the moral high ground, you know you've made a serious mistake.

US Economy Added Only 103000 Jobs In March
Excluding the addition of 1,000 workers from government payrolls, the private sector added just 102,000 for March. The unemployment rate has hovered at 4.1 per cent since October as people piled into the labor market.

The management revamp comes after the company posted record profit previous year.

Diess and Mueller instead agreed to guarantee VW's German jobs until 2025 to get labour approval for a plan to turn the carmaker into a mass producer of electric cars.

The debate about Volkswagen's future structure comes a month after its largest shareholder, Porsche Automobil Holding, picked three new representatives of the Porsche and Piech families to help oversee Volkswagen.

Germany's dpa news agency, Handelsblatt business publication and national daily newspaper Bild reported that Mueller would be replaced by Diess, a former BMW executive who joined Volkswagen in 2015. The works council, whose members occupy half the seats on the supervisory board, also declined comment.

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