Wednesday, May 11, 2016

VW worktable OKs despite scandal executives

the confidence of the board's decision reflected in the ability of the current management, including CEO Matthias Mueller, "manage the output of diesel and direct the Volkswagen Group and its brands for a successful future."

But the chamber covered his position so that reserve the right to seek compensation for all executives who have misbehaved.

The survey results will be published later this year. The company said it regretted that the results can not disclose before then, on the advice of his lawyers.

Volkswagen approved with software to equip 11 million diesel vehicles worldwide, which disables the control of emissions, except during testing. He said the scandal cost of € 16200000000 (18500000000 $) 2015 with future costs. The company has € 1.4 million last year and would have without the scandal emissions made a profit.

The company developed a plan in a federal court in the United States to complete around 600,000 vehicles sold there to repair or purchase. It is memories in other countries.

Despite the scandal previous costs, Moody's Investors Service says that they are better than expected vehicle sales of the company allows to market, to limit the impact of the scandal. He said, to save the company money, plans to reduce by investments, reduce costs and reduce the dividend.

Moodys warned that the company to take, based in Wolfsburg necessary decisive action to restore its reputation and to change the culture that tinkering with the software engine of the measures.

"The lack of major reforms in the internal culture of VW up to date and the government exerts a negative pressure" in the credit rating companies, Moody said.

The effort to clean up the scandal, is driven primarily by insiders, including the CEO Müller, a group of employees for a long time, which has already taken his Porsche, in front, and President Hans Dieter Pötsch, the former chief financial officer.

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