A week ago, we wrote about the Hallway Radio discussing a replacement of Volkswagen’s CEO Matthias Müller, along with Volkswagen’s complete Board of Management, and parts of the Supervisory Board, due to the fact that all of them are too much a part of VW’s old culture to effect necessary change. Now, one of VW’s largest shareholder also wants them to go.
Union Investment is Germany’s third-largest investment fund, and it owns large stacks of VW’s free float. The head of the fund, Ingo Speich, demands that Matthias Müller steps down to make space for a CEO recruited not from the ranks of VW lifers. “An external candidate for the CEO post would be better,” Speich told Spiegel Magazin. According to Speich, Müller has a credibility problem. Said Speich:
“Herr Müller has been part of VW. What’s more, he was head of Porsche, and Porsche also used diesel engines. Of course they came from the parts shelves of VW, Müller is involved in that matter.”
Speich also called for Supervisory Board Chairman Hans Dieter Pötsch to step down. Speich wants “a fresh set of people” on the board.
Wonder who the people to replace Müller and Pötsch may be? A week ago, the Hallway Radio had a few suggestions.
With nearly a month’s delay, German media is beginning to follow suggestions of the Hallway Radio to look into the dieselgate-involvement of Audi chief Rupert Stadler. Stadler has been head of Audi since 2007. Volkswagen started series production of the infamous EA189 cheater engine a year later, Germany’s Motor-Talk points out. If Stadler didn’t know of the diesel-shenanigans, then his leadership is in doubt, Motor-Talk says, and if he knew, then he won’t be around much longer. Same was said shortly before Winterkorn stepped down.
Standard disclaimer: Hallway radio reports reflect the current buzz of Volkswagen’s internal rumor mill, and as such the reports are not always correct. No responsibility is taken for the correctness of this information. However, the radio has a very high batting average, so far, at least.