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Exclusive: Volkswagen's new CEO plans to downsize the management board - sources

Exclusive: Volkswagen's new CEO plans to downsize the management board - sources
Exclusive: Volkswagen's new CEO plans to downsize the management board - sources   -   Copyright  Thomson Reuters 2022
By Reuters

By Jan Schwartz

HAMBURG – Volkswagen’s incoming Chief Executive Oliver Blume aims to shrink the size of the group’s management board as one of his first moves after his promotion, several people familiar with the matter told Reuters.

“Some dual functions should be reconsidered,” one of the sources said.

The number of board seats could be reduced to eight or nine as part of the reshuffle, the sources said, adding that no decisions had been made yet.

The board had swelled to 12 members under predecessor Herbert Diess, whom Blume is due to succeed on Sept. 1.

Both Volkswagen and Porsche declined to comment on the matter.