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VW Chairman Under Fire From Investors for Dual Role in Crisis

  • Shareholders try to remove Poetsch as host of annual meeting
  • Investors seeking no-confidence vote on Volkswagen boards
Bloomberg business news

VW Probes Continue as it Gears for First Post-Crisis AGM

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Volkswagen AG Chairman Hans Dieter Poetsch bore the brunt of investor dissatisfaction over the automaker’s handling of the emissions cheating scandal during a raucous shareholder meeting, with some even trying to remove him as host of the gathering.

Poetsch received a tongue-lashing from investors for his shift last year from chief financial officer to the head of the supervisory board, which has oversight over top management. Underscoring the sour mood, some investors asked to have Stephan Weil, Lower Saxony premier and VW board member, take over the meeting. The motion was turned down.