“The capital side is still behind him”

The owners of Volkswagen have given Herbert Diess a boost. The company must now come into calmer waters.

Herbert Diess

TDespite the handover of the VW brand top and the allegations to the supervisory board, the Porsche and Piëch families are behind CEO Herbert Diess – but warn that the car manufacturer’s construction sites now urgently need to be removed. “Mr. Diess apologized in all forms, he addressed the entire supervisory board,” said the majority shareholders of Volkswagen on Tuesday. “The capital side is still behind him.” However, it is high time to get back to practical work. “It is also clear that the company must now find itself in calmer waters.”

VW surprisingly announced on Monday evening that Diess will hand over the day-to-day management of the important core brand to the previous co-managing director Ralf Brandstätter on July 1. It is about a reorganization as well as “more freedom” for Diess as CEO in the control of the overall strategy, so the official reason.

A little later it became known that the CEO had accused individual members of the supervisory board of criminal offenses and a lack of integrity. In front of several thousand executives last week, he complained about the naming of critical internals about persistent problems in golf production or his alleged wish for an early contract extension. From those around the group it was said that the statements had caused considerable irritation.

Diess is a successful manager who has advanced important topics with electrification and digitization, emphasized the main shareholder Porsche-Holding. “But problems have to be solved.”