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Factbox-Possible successors to Volkswagen CEO Diess

Stock MarketsNov 24, 2021 06:51AM ET
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© Reuters. FILE PHOTO: A technician fixes a VW sign in the assembly line of German carmaker Volkswagen's electric ID. 3 car in Dresden, Germany, June 8, 2021. REUTERS/Matthias Rietschel

FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p)'s top committee did not make a decision on the future of CEO Herbert Diess at a meeting on Tuesday, two sources with knowledge of the matter said on Wednesday, as a clash with powerful labour representatives remains unresolved.

While the outcome of the deliberations is unclear, Diess' frail relationship with German unions has repeatedly created uncertainty around the carmaker's leadership.

The following individuals have been named in the past as potential candidates to succeed Diess, 63, whose current contract runs until 2025:

RALF BRANDSTAETTER, 53

- CEO of Volkswagen's namesake brand since 2020, when he took over from group CEO Diess in that role

- Joined Volkswagen in 1993, and the management board of the core Volkswagen brand in 2015

- Previous postings include leadership roles at SEAT in Spain

- Sources familiar with the matter said this week that Brandstaetter could be appointed to Volkswagen's management board, where he would take over responsibility for the mass-market brand group from Diess

OLIVER BLUME, 53

- CEO of Porsche AG since 2015

- Volkswagen AG (OTC:VWAGY) board member since April 2018

- Previous postings included leadership positions at SEAT as well as at Audi

- In the first nine months of 2021, Porsche AG posted an operating profit margin of 15.5% and accounted for 26% of Volkswagen AG's operating profit

MARKUS DUESMANN, 52

- CEO of Audi AG and board member of Volkswagen AG since 2020

- Since summer 2021 he also oversees Volkswagen's luxury brands Lamborghini, Ducati and Bentley under the roof of Audi AG

- On Volkswagen's board, he is also responsible for the group's research & development

- In the first nine months of 2021, Audi posted an operating margin of 9.5% and accounted for 28% of Volkswagen AG's operating profit, the highest share of all divisions

- Previously held leadership roles at BMW, Daimler-Chrysler and Mercedes-Benz

THOMAS SCHMALL, 57

- Joined Volkswagen AG's management board this year

- CEO of Volkswagen Group Components since 2019

- In charge of technology, his responsibilities span Volkswagen's battery cell strategy - including plans to build six large factories in Europe by 2030 - as well as the group's charging and energy activities

- Joined Volkswagen in 1991, with postings including in Mexico, South Africa, Slovakia and Brazil

Factbox-Possible successors to Volkswagen CEO Diess
 

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