Reuters first to report escalation of boardroom conflict at Volkswagen; market reacts - Reuters News Agency
AutomotiveBusiness & Finance

Reuters first to report escalation of boardroom conflict at Volkswagen; market reacts

Reuters broke the news that a long-standing conflict between Volkswagen’s CEO and powerful labor representatives has reached a new climax. Reuters sources revealed that the supervisory board’s mediation committee would meet to discuss the future of CEO Herbert Diess as a result of a tussle over jobs and leadership style, laying bare the fragile balance of power at the world’s second-largest carmaker. The news comes amid fears that Diess’ ambition to overtake Tesla and turn Volkswagen into the world’s largest electric vehicle player could cost tens of thousands of jobs.

Market Impact

Following the Reuters report, Volkswagen shares extended losses and fell as much as 4.7%.



Article Tags
Topics of Interest: AutomotiveBusiness & Finance
Type: Reuters Best
Sectors: Business & FinanceEquities
Regions: Europe
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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