VW Board Member Meeting Yields No Plan for Defusing CEO Spat
- Discussions about Diess and picks for key jobs to continue
- CEO wants contract extension and to make more dramatic changes
Herbert Diess wrote a newspaper op-ed in which he referred to the German industrial giant still having “old, encrusted” structures that must be broken up.
Photographer: Angel Garcia/BloombergA Volkswagen AG supervisory board panel ended a three-hour meeting without a concrete proposal for defusing internal tensions over Chief Executive Officer Herbert Diess’s desire for a contract extension and more dramatic changes at the world’s largest automaker.
More talks are required ahead of a meeting of the full supervisory board next week, according to people familiar with the outcome of Tuesday evening’s gathering. Discussions about Diess, 62, and selections for top management posts will continue in the coming days, said the people, who asked not to be identified because the conversations are private.