Reuters Insider - New CEO Mueller to VW's rescue?

Baader Bank AG

25/09/2015 21:21

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        Volkswagen bets on Porsche boss Matthias Mueller  
                     as a new CEO to help it ride the storm over its US 
                     emissions scandal.                                
 
 
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 Short Link:  http://reut.rs/1NRHjaR  
 
 
Transcript (May be auto-generated)

                 Is this the man to see VW out of trouble? As expected, Matthias Mueller is 
stepping out of the driving seat at Porsche and taking the wheel of its parent -
the announcement finally coming after a day of close door meetings at company 
HQ. I will personally do everything I can to win back the trust of our 
customers, our colleagues, our partners, investors, and the general public. 
Mueller's been part of the VW machine since the 1970s, but the top job only came
available on Wednesday after Martin Winterkorn stepped down. For CCLA's James 
Bevan, appointing a successor has come too soon. Changes are required, but I 
have to say that I think it's a very early announcement in the context of the 
gravity of the challenges that VW faces. It is well recognized that there are a 
strong cadre of underlying managers, but I do worry that this does not deal with
the fundamental governance issues that VW must recognize. 

The company has promised to dismiss those tainted by the emissions scandal and 
is reportedly considering a new corporate structure. But the end of the crisis 
is still not insight. It's emerged that 2.8 million vehicles in Germany were 
affected by the emissions tests manipulations that were originally discovered in
the US where a multistate investigation has now been launched. Baader Bank's 
Robert Halver: It's easier to predict the next day's lottery numbers than it is 
to say how much this will cost VW. Rumors of Mueller's appointment had seen the 
company shares jump 4% in early trading, but that soon disappeared. Closing down
more than 4%, VW is now the cheapest auto stock in the world