Volkswagen's Board Confirms New Chairman, Wishes Him Good Luck on Difficult First Day

Volkswagen’s supervisory board confirmed its appointment of Hans Dieter Pötsch to its top seat during a scandal rocking the 78-year-old automaker, the company announced Wednesday.

Pötsch said he would continue the investigation as chairman:

I will do my utmost to uncover the full truth of what happened. I am firmly resolved to make my contribution so that Volkswagen can win back the trust of customers, the public, investors and business partners. And I believe my central task is to play my part in guiding Volkswagen towards a successful future.

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Hunt for New VW Chairman May Go Into 2016

The search to replace former Volkswagen chairman Ferdinand Piech may stretch into next year, Reuters is reporting.

Piech left Volkswagen in April after a showdown with Chief Executive Martin Winterkorn, who is still a candidate for the top position. Piech led VW for more than two decades and is the grandson of Ferdinand Porsche.

Interim chairman Berthold Huber is expected to remain in the position at least until the end of 2015.

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Akerson Named Vice Chairman Of Carlyle Group Board Of Directors

Former General Motors CEO Dan Akerson has been named Vice Chairman to the private-equity firm Carlyle Group’s board of directors, where he will act as special adviser to the firm’s investment teams, managment and the board itself.

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GM To Pay UAW VEBA Director $900k For Advice

A lot of what you hear about Steve Girsky sounds decidedly positive: an outspoken critic of GM, Girsky lasted less than a year as Rick Wagoner’s “ roving aide-de-camp,” reportedly due to frustration with management heel-dragging. He even earned TTAC’s “lesser-of-two-evils” endorsement to be Presidential Car Czar over Steve “Chooch” Rattner. When he was appointed to be the UAW rep on GM’s board, representing the union’s VEBA trust which owns 17.5 percent of GM’s stock, he was lauded as someone who could keep his union allegiances at bay. But as special advisor to GM CEO/Chairman Ed Whitacre, Girsky had better be prioritizing GM’s best interests. Reuters reports that he’s being paid a cool $900k in stock grants for his advice. That’s in addition to $200k director’s salary and reimbursement for “living expenses and travel to and from Detroit.” Not bad considering the fuss people are making over compensation at TARP-recipient financial institutions.

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Quote Of The Day: The Five Billion Dollar Question Edition
Wild Ass Rumor of the Day: GM About to Shutter Saab

Well, not so wild ass, obviously. Other than getting sued by disenfranchised Saab
dealers—which isn’t so much of an issue now that Uncle Sam is paying for everything—why wouldn’t GM shutter Saab? When it comes to buying car brands, no one is. Or will be. For a very, very long time. If ever. And GM needs to show its Congressional overlords that it’s doing something about something™. So we’re passing along a tipster’s assertion that yesterday’s resignation of Percy Barnevik from GM’s Board of Directors signals that the axe is about to fall on the Born From Jets brand. The divine Mr. B. was born just (pronounced youst) outside Trollhättan. If he ever wants to show his face in Sweden again, he has to distance himself from the author of Saab’s neglect, abuse and final destruction. You know, GM and its Board of Directors . . . which he joined six years after GM scarfed the Swedish brand, during which time it produced the America-only 9-7x (a TTAC Ten Worst winner). For that alone, I’d be worried.

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  • Inside Looking Out Why EBFlex dominates this EV discussion? Just because he is a Ford expert?
  • Marky S. Very nice article and photos. I am a HUGE Edsel fan. I have always been fascinated with the "Charlie Brown of Cars." Allow me to make a minor correction to add here: the Pacer line was the second-from-bottom rung Edsel, not the entry-level trim. That would be the Edsel Ranger for 1958. It had the widest array of body styles. The Ranger 2-door sedan (with a "B-pillar", not a pillarless hardtop), was priced at $2,484. So, the Ranger and Pacer both used the smaller Ford body. The next two upscale Edsel's were based on the Mercury body, are were: Corsair, and, top-line Citation. Although the 1959 style is my fav. I would love a '58 Edsel Pacer 4-door hardtop sedan!
  • Lou_BC Stupid to kill the 6ft box in the crewcab. That's the most common Canyon/Colorado trim I see. That kills the utility of a small truck. The extended cab was a poor seller so that makes sense. GM should have kept the diesel. It's a decent engine that mates well with the 6 speed. Fuel economy is impressive.
  • Lou_BC High end EV's are selling well. Car companies are taking advantage of that fact. I see quite a few $100k pickups in my travels so why is that ok but $100k EV's are bad? The cynical side of me sees car companies tack on 8k premiums to EV's around the time we see governments up EV credits. Coincidence? No fooking way.
  • EBFlex "I'd add to that right now, demand is higher than supply, so basic business rules say to raise the price."Demand is very low. Supply is even lower. Saying that demand is outstripping supply without providing context is dishonest at best.