Volkswagen says considering board 'changes', may name new CEO

Volkswagen says considering board 'changes', may name new CEO

The statement said Mueller "showed his willingness to contribute" to the changes, but stopped short of saying whether Mueller was leaving his current job.

"It is now open whether the considerations and discussions will lead to a further development of the management structure or to personnel changes in the Board of Management of Volkswagen Aktiengesellschaft".

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. Porsche is a member of VW's supervisory board and the head of the family clan which owns a controlling stake in VW.

Markets reacted positively as both Porsche's and Volkswagen's shares rose by more than 4 percent shortly after the first reports of the looming management reshuffle.

Predecessor Martin Winterkorn fell victim to the company's scandal over cars rigged to cheat on diesel emissions tests.

The supervisory board will meet Friday to sign off on the management changes, the people said. VW said earlier on Tuesday that it was considering a change in the CEO job.




Mueller's likely departure comes two days after Deutsche Bank, another pillar of corporate Germany, dismissed its chief executive, John Cryan, in pursuit of a more rapid turnaround following years of losses.

Volkswagen is expected to make a final decision regarding the future of its top executive in Matthias Muller by the end of the week amidst the company's costly diesel emissions scandal.

Despite facing billions in fines, vehicle refits and lawsuits relating to its "dieselgate" scandal, Volkswagen's operating results have been robust under Mueller's watch, with sales and profit hitting record highs a year ago.

The company said in its statement on Tuesday that it was considering changes to its complicated management structure.

Its complex structure has extended to its main shareholder, Porsche Automobil Holding, where VW's chairman serves as the CEO and Mueller also serves as a top executive.

Two months ago, sources close to Volkswagen management told Reuters that Mueller was growing frustrated with a lack of support for his reform efforts and by the company's inability to draw a line under its emissions scandal. The works council, whose members occupy half the seats on the supervisory board, also declined comment.

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