German carmaker Volkswagen mulls senior management reshuffle

German carmaker Volkswagen mulls senior management reshuffle

454,000 units were delivered on the continent in the three-month period, a 6% rise compared to the 428,200 figure recorded past year.

Business newspaper Handelsblatt reported that Herbert Diess, head of the VW brand - one of the group's 12 makes of cars, trucks and motorbikes - was slated to take Mueller's place.

"Mr Matthias Müller showed his general willingness to contribute to the changes", the statement added. The announcement comes in the wake of a scandal in which the company was accused of fitting its diesel engines with devices to pass emissions tests.

As of February, VW had spent more than $7.4 billion in buying back about 350,000 vehicles.

"In the end, it's about concrete measures", Weil, who is also a member of Volkswagen's supervisory board, said today at the Future Mobility Summit in Berlin.

But the persistent tug of war between its controlling families, unions and other stakeholders have made it hard to drive through structural changes that investors have said are key to the company fulfilling its potential.

In response to the story, the company issued a statement overnight stating it was considering "potential further development in the management structure in the Volkswagen Group and potential personnel changes in the Board of Management".

VW shares got an additional boost from the reports that it is planning on replacing Mueller.

In tapping the 59-year-old Diess for the top job, Volkswagen would elevate a senior executive from its own ranks, while handing the reins to someone who was not at the automaker when the diesel cheating began. A timeline as to how soon Diess could replace Mueller is unknown.

"If Diess is confirmed as the successor, VW shares will extend their gains", Evercore ISI analyst Arndt Ellinghorst told the publication, who has an "outperform" rating on the stock.

Volkswagen is considering a surprise management shakeup that could include replacing CEO Matthias Mueller.

Volkswagen chose not to comment on Handelsblatt's information.

Volkswagen delivered over 1.5mn vehicles to customers in its first quarter of 2018, breaking the company's record. The works council, whose members occupy half the seats on the supervisory board, also declined comment.

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