Automotive industry: Volkswagen Supervisory Board approves restructuring plan
The VW Supervisory Board unanimously voted in favor of the concept presented by the Executive Board around CEO Oliver Blume on Thursday. It provides for 50,000 jobs to be cut, the number of models to be reduced, and the investment portfolio to be streamlined.
On Thursday, the Volkswagen supervisory board unexpectedly approved the company's turnaround plan during a meeting of the Präsidium. The vote was unanimous, according to the company. The future plan would create the conditions for Volkswagen and its brands to become more efficient, competitive, and forward-looking. The supervisory board and supervisory board members considered the implementation of the future plan to be essential for maintaining the competitiveness of the Volkswagen Group and securing it for the future.
Chief Controller Hans Dieter Pötsch had attempted to find a compromise between the conflicting parties at VW earlier that night. The surprising turn of events came after a special session of the supervisory board, which was held ahead of the regular meeting scheduled for Friday. According to insiders, there had been indications from the company that a decision on the delisting of the core brand Volkswagen could be postponed.
The state of Lower Saxony, which owns 20% of Volkswagen and has extensive veto rights under the VW law, had opposed any delisting of the brand.
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