Deals
Volkswagen Management Tumult Spills Over to Truck Subsidiary
- Traton chief Andreas Renschler to leave effective July 15
- Navistar shares slump on the news; Traton made bid in January
Photographer: Jasper Juinen/Bloomberg
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Volkswagen AG’s series of executive shakeups is reaching its commercial-vehicle operations, with the surprise departure of Traton SE’s chief and other managers highlighting friction over restructuring plans that were jolted by the Covid-19 pandemic.
Andreas Renschler will leave VW’s management board effective July 15 and be replaced by Matthias Gruendler, the former chief financial officer of the Munich-based truck unit, according to a statement Tuesday.