Volkswagen Supervisory Board Meeting Monday To Discuss New Chairman
A week after Volkswagen Group chairman Ferdinand Piëch quit his post, the company’s supervisory board will meet Monday to discuss finding a replacement.
The 20-member board, led by interim chairman Berthold Huber, will meet in Hanover, Germany prior to Tuesday’s shareholder meeting to discuss candidates suitable for the vacated role, Reuters reports. A source close to the issue says a decision isn’t likely today, however.
Though Huber is leading the search, the former IG Metall boss isn’t up for consideration to helm the company permanently. Whoever is chosen for the role, though, “needs a high degree of automotive expertise and authority,” and would ideally be a VW outsider who can govern neutrally, according to Union Investment fund manager Ingo Speich, whose group holds 0.6 percent of VW preference shares.
As for who is up for consideration, speculation points to Continental AG chairman Wolfgang Reitzle and Porsche SE chairman Wolfgang Porsche; VW and its works council have not commented on potential candidates as of this writing. Reitzle was recently suggested by Piëch to fill his vacated seat on the board alongside former Siemens manager Brigitte Ederer instead of the board’s choice of his two nieces, a move the former chairman opposed.
[Image credit: Volkswagen]