Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

BMW engine development expert Duesmann set to become Audi chief in April: report

Published 09/14/2019, 04:25 PM
Updated 09/14/2019, 04:31 PM
BMW engine development expert Duesmann set to become Audi chief in April: report

BERLIN (Reuters) - BMW's (DE:BMWG) engine development and purchasing expert, Markus Duesmann, is set to become the CEO of Volkswagen's (DE:VOWG) Audi premium brand, after BMW dropped its opposition to his early departure, a German newspaper reported on Saturday.

The Frankfurter Allgemeine Zeitung cited a person with knowledge of the appointment as saying Duesmann will start as Audi chief on April 1.

It said BMW's board would discuss Duesmann's planned departure to Audi in the near future.

Wolfsburg-based VW is on the lookout for clean-engine expertise as it struggles to overcome an emissions scandal that originated in Audi's engine development department.

Audi's current CEO and VW board member Rupert Stadler was forced to step down temporarily after his arrest in June as part of an ongoing emissions investigation. VW is seeking to replenish its senior leadership while Stadler remains in custody.

VW had said in July that Duesmann will take up his new position as soon as he is able to do so. He will be the second high-profile defection from rival German carmaker BMW after the poaching of Herbert Diess in July 2015.

Duesmann's BMW contract runs until Sept. 30, 2019, and it would also have a non-compete clause that BMW board members are required to sign.

BMW had said that Duesmann had informed its chairman that he would not make himself available for an extension of his contract because of personal reasons.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.