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On the eve of the International Frankfurt Motor Show IAA, Herbert Diess, CEO of German carmaker Volkswagen AG, stands in an ID.3 pre-production prototype during the introduction of Volkswagen’s new electric car in Frankfurt, Germany September 9, 2019. FILE PHOTO: REUTERS/Wolfgang Rattay Reuters, ZISLOW, Germany, July 8 – According to two persons familiar with the situation, Volkswagen’s (VOWG p.DE) supervisory board will debate whether to renew Chief Executive Herbert Diess’ term on Friday. The discussion, which sources say might result in the board approving a two-year extension for Diess until 2025, takes place only days before Volkswagen’s strategy day on July 13. Diess’ long-time rival Bernd Osterloh stepped down as head of the works council and took a management job at Volkswagen’s truck company Traton, paving the way for a new contract (8TRA.DE). find out more Diess, whose current term runs until April 2023, requested an early extension at the end of last year in order to gain more support for his efforts to overhaul Europe’s largest automaker, but was met with opposition by key labor leaders, notably Osterloh. There has been no definitive decision made, and there is no certainty that the supervisory board would reach an agreement at its meeting on Friday, according to the sources, who added that other specifics still needed to be worked out. Volkswagen’s supervisory board declined to respond through a representative. An extension would give Diess the authority to carry out Volkswagen’s stated goal of being the world’s largest electric vehicle manufacturer by the middle of the decade, surpassing key competitor Tesla. Diess, a former BMW (BMWG.DE) executive, joined Volkswagen’s management board in July 2015 and was named CEO in April 2018, and has been a driving force behind the company’s transformation. Ilona Wissenbach and Christoph Steitz contributed additional reporting, while Kirsten Donovan edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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