VW to give workers a board seat

MPCA Releases Plan On How VW Settlement Money Will Be Used

MPCA Releases Plan On How VW Settlement Money Will Be Used

Volkswagen, which is working on a management overhaul that sources say could see it replace Chief Executive Matthias Mueller, is also planning to install a new head of human resources, Germany's Spiegel magazine reported on Tuesday.

Volkswagen Group, the world's largest automaker by sales volume, has appointed a new CEO to replace the executive who helped steer the company out of its diesel emissions scandal and into a new era of investment in electric cars. The settlement was approved by a federal court in California on October 25, 2016, with the company paying paying $2.9 billion into an environmental mitigation trust fund to be shared among the states and tribes.

Under Mr Mueller - who was talked into taking the top job in the chaotic days following the public disclosure of the diesel cheating - VW has weathered the blows from the scandal while embarking on an aggressive expansion into electric cars.

The company admitted that about 11 million of its vehicles made between 2009 and 2016 were created to cheat on required emissions tests.

Labor leaders opposed Mueller's plans for selling motorcycle maker Ducati and have scuppered other cost cut plans in the past.

Diess would not only head the management board, the top executive body at German companies that reports to the supervisory board, or board of directors. "Unions and Lower Saxony together have the power to block his appointment".

That plan comes as rivals, including Fiat Chrysler and Daimler, consider spin-offs or legally separate divisions to boost their share prices and raise cash to fund development of electric and self-driving cars.

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Mueller's contract as CEO at Volkswagen had been expected to run through the end of 2019, so a change now would represent a substantial reduction in his tenure at the head of the firm.

Audi and Volkswagen are the two brands to have suffered the most through the emissions difficulties, and the fact that Diess has managed to emerge with a strengthened reputation is indeed impressive.

Continuing, Reuters reports: "But the persistent tug of war between its controlling families, unions and other stakeholders have made it hard to drive through structural changes that investors have said are key to the company fulfilling its potential".

Board Chairman Hans Dieter Poetsch said Muller had done "outstanding work" at a time when the company "faced the greatest challenge in its history".

The Volkswagen empire owns the Ducati motorbike brand, Scania buses and trucks, passenger auto brands including Skoda, SEAT and Audi, as well as the Bentley, Porsche and Lamborghini luxury marques. For years, Volkswagen lied through its teeth to regulators and customers both at home and overseas about how clean its diesel cars were.

Droessler said one likely candidate for a VW Settlement grant would be Upper River Services, a company that services barges and operates tow boats in the Mississippi River near downtown St. Paul.

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