Independent investors have now put questions on the future of the 60-Year-old in the group. The criticism comes from the United States, as the "Financial Times" reported, and is expressed by loyal VW shareholders. You caught the group in a Moment, when the crisis to the Chairman of the Board seemed to already be over. The unnamed US investors reckon with a dismissal from Diess or call this even.
Herbert Diess had already apologized a week ago for his comment that "Ebit makes you free". The Manager had used the day before at a lecture in the circle of leadership this sentence, and thus a connection to the horrors of the Nazi era prepared by: "work makes free" used in the camps the Nazis as a Torah ufschrift of concentration. Ebit is the acronym for the profit of a company before interest and taxes.
words of regret
He regretted the "very unfortunate choice of words," said the Austrian, the German "Manager-Magazin". "If I have hurt inadvertently, feelings, I'm sorry for the extraordinary. I want to apologize in Form." He had not thought that this connection could be made.
Diess said that the high margins of the Porsche brand gave within the group more freedom than other private brands such as Audi. The alleged innocuous nature of the remark did not protect him, but in front of a reprimand by the Board of Directors of the auto manufacturer. "The history of the Volkswagen group and the resulting responsibility is an important part of the corporate identity. The Statement of the Chairman of the Board, Herbert Diess is to be evaluated in this context as inappropriate and not comprehensible," cited the "Handelsblatt", the body is called in Germany the Supervisory Board. The story of Volkswagen is associated with national socialism. The Nazi Regime had founded the company in the 1930s.
A long-term institutional Investor from the US called Diess, according to the FT, one of the few managers that could move the company likely to be in the right direction. However, the Nazi's misstep was "so offensive, that I think it is really excusable".
"This is not a sentence, you may say in Germany."Ulrich Hocker, Director of a group of small shareholders
The Manifestation could be in the coming weeks, the game ball in the internal struggle between the powerful works Council and the top management of the group. The potential for conflict is there: Deiss, who is only in the last one year, at the top of the because of the diesel scandal, sharply criticized the group, wants to replace the VW brand in the next five years, 5000 to 7000 Points by means of automation and in this way some six billion euros more in the till, as he announced in mid-March. Works Council chief Bernd Osterloh as the top workers, called the Plan prompt "a figment of the imagination".
In a first reaction to the Nazi Association, the works Council welcomed the apology from the Manager. This is probably not a coincidence: Osterloh of the Volkswagen Supervisory Board, which reprimanded the Manager, but has not punished sitting in the Bureau.
A complaint by the Board of Directors
With a view to the ownership structure, is likely to weigh This in spite of your blunder for now. Although about 40 percent of the Volkswagen and hold shares of institutional investors from abroad and private investors. The tone at Volkswagen, the Porsche and Piëch families to provide the German Federal state of lower Saxony. The trust seems to be present. On Tuesday, the families have their share of voting rights in the Wolfsburg-based car group from 52.2 to 53.1 percent
increases however, The fact remains that This will be able to sit in the next few weeks, hardly back 14. May call Volkswagen to the shareholders ' meeting to Wolfsburg. Where there is a danger of the Manager because of the controversial Statement of additional Trouble: Ulrich Hocker, Director of the DSW, a group of small shareholders in Germany, told the FT: "This is not a sentence, you may say in Germany." Stool requires, therefore, at least one further apology. (Editorial Tamedia)
Created: 20.03.2019, 15:46 PM