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Volkswagen board to provide details on CEO’s future powers -source -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The brand of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen automotive vendor in Brussels, Belgium July 9, 2020. REUTERS/Francois Lenoir/File Picture

HAMBURG (Reuters) – Volkswagen (DE:)’s supervisory board will on Thursday present particulars on the long run obligations of CEO Herbert Diess, that are more likely to be curtailed because of an ongoing conflict with the agency’s works council, an individual conversant in the matter stated.

The carmaker’s supervisory board, which is scheduled to fulfill to debate the group’s subsequent 5 12 months spending plan, may also appoint 4 new administration board members, together with model CEO Ralf Brandstaetter, a separate supply stated.

Sources had advised Reuters earlier this week that Diess was more likely to keep on as CEO, albeit with fewer obligations, and that Brandstaetter, who beforehand took over obligations from Diess, was slated to affix the board.

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