Volkswagen Soars After Board Backs CEO, Defusing Conflict
- Supervisory board signs off on Diess’s picks for senior posts
- Unions secure EV production in Wolfsburg and future of brands
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Volkswagen AG rose the most in seven months after its supervisory board resolved a weeks-long conflict between its chief executive officer and key stakeholders, giving Herbert Diess a clear endorsement while granting some concessions to labor leaders.
In addition to throwing its full support behind Diess, who’s been agitating for a more comprehensive overhaul of the automaker, the board named Audi finance chief Arno Antlitz the new CFO of the group. Murat Aksel, who used to work with Diess at BMW AG, also will become purchasing chief, according to a statement.