The VW supervisory board failed to reach a consensus on the board’s radical proposals, Handelsblatt reports, citing participants in the meeting. Oliver Blume had presented the committee with his new ‘Group Target Picture’ – a kind of blueprint for Volkswagen through 2030.
Blume’s target vision includes plant closures, investment cuts in the double-digit billions, a smaller executive board, and spinning off the passenger car and components businesses into separate companies. However, given the current majority ratios on the supervisory board, approval is considered hardly conceivable. For now, the plan remains primarily two things: a shrink plan and an illusion, according to Handelsblatt.
Reform Stalemate at Europe’s Largest Carmaker
The company thus remains a reform construction site. Similar to the federal government, the sentiment from the supervisory board goes, all actors want to make fundamental changes but change nothing fundamental. The blockade affects not only plant closures and job cuts but also the planned streamlining of the leadership structure.
Source: www.handelsblatt.com
