What he does not yet stand for is implementation." "Diess stands for the radical change the company must go through after the dieselgate emissions scandal. While Volkswagen's preferred shares have gained just 6per cent since Diess took over as CEO in April 2018, its common stock - more than half of which is owned by top shareholder Porsche SE - is up 68per cent.ĭiess, whose contract was extended until 2025 in July, is currently hammering out the company's next investment plan to 2030, a process that usually causes friction among stakeholders each year.īernstein analyst Arndt Ellinghorst is more sceptical. He has a stronger focus on capital markets than his predecessors, which is benefiting the Volkswagen share," he said. "His consistent EV (electric vehicle) strategy makes sense. In fact, Volkswagen's four-member mediation committee is planning to discuss Diess' future soon, sources have said, creating uncertainty around the carmaker's leadership less than four months after the CEO's contract was extended.ĭaniel Schwarz, analyst at Stifel, thinks so.
While both sides tried to demonstrate unity at a staff meeting on Thursday, the first at Volkswagen's giant Wolfsburg plant in nearly two years, there is no guarantee the dispute can be fixed quickly, if it can be fixed at all. FRANKFURT : Volkswagen CEO Herbert Diess' frail relationship with German labour representatives hit a new low this week with disagreement over how radical the overhaul at Europe's top carmaker must be in its quest for electric vehicle dominance.
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