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News Breaks
December 20, 2012
05:38 EDTPOAHYPorsche initiated with a Neutral at JPMorgan
News For POAHY From The Last 14 Days
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October 2, 2015
15:21 EDTPOAHYPorsche downgraded to Hold from Buy at Societe Generale
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October 1, 2015
13:29 EDTPOAHYPorsche reports September U.S. sales up 22.7% to 4,424 vehicles
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September 30, 2015
18:04 EDTPOAHYPorsche appoints Blume as CEO
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September 29, 2015
13:45 EDTPOAHYPorsche to appoint Blume as CEO, WSJ says
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September 28, 2015
05:59 EDTPOAHYSuzuki sells Volkswagen shares to Porsche
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September 27, 2015
20:53 EDTPOAHYVolkswagen announces restructuring, says U.S. CEO Horn to remain
The supervisory board of Volkswagen (VLKAY) approved a new management structure for the group and its brands as well as for the North America region. Interim chairman Berthold Huber commented, "The new structure strengthens the brands and regions, gives the group board of management the necessary leeway for strategy and steering within the company, and lays a focus on the targeted development of future-oriented fields." Markets in the U.S., Mexico, and Canada will be combined and strengthened to form a new North America region. Effective November 1, the group's activities in the region will be led by Winfried Vahland, formerly chairman of the board of directors at Skoda. Michael Horn remains president and CEO of Volkswagen of America. Additionally, at group level, the management structure will be oriented even more towards modular toolkits. These toolkits feature standardized technical components for each automotive vehicle segment, including volume, premium, sport and commercial vehicles. Consequently, a Porsche (POAHY) brand group with Bentley and Bugatti will be established for the sportscar and mid-engine toolkit. The toolkit strategy will come under the guidance of the group CEO, and a separate department will be set up for this purpose. The Audi brand group with Lamborghini and Ducati will be continued as will the Truck Holding, and the Power Engineering and Financial Services business lines. The volume brands Volkswagen, SEAT, and Skoda will be represented by one member each in the board of management. Also, group functions will concentrate more closely on efficiency and future-oriented fields. Organizational units, for example for product strategy, new business fields, cooperations and holdings, connected car activities, and CO2 steering, will therefore be set up. Furthermore, a Chief Technology Officer will analyze and, if necessary, co-steer technical developments throughout the group. At the same time, existing corporate bodies, structures and processes will be streamlined at group level, in particular by strengthening the brands and regional accountability. To that end the Volkswagen brand will introduce a management structure with four regions, each led by a local CEO with a direct reporting line to the brand chairman. The production department at group level, until now led by Thomas Ulbrich in an interim capacity, will be abolished with immediate effect as a consequence of delegating responsibility to the brands and regions. Huber commented, "Going forward, the brands and regions will also have greater independence with regard to production." The new management model will be implemented at the beginning of 2016. Separately, Christian Klingler, member of the board of management of Volkswagen with responsibility for sales and marketing is leaving the company with immediate effect as part of long-term planned structural changes and as a result of differences with regard to business strategy. New CEO Matthias Muller will head the sales department at group level in an interim capacity. Reference Link
September 25, 2015
12:43 EDTPOAHYVolkswagen names Matthias Mueller as new CEO
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