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Volkswagen's Works Council Opposes CEO's Picks For Two Executive Posts : Report

Volkswagen Group's (VKW.L,VLKAF.PK,VOW.BE) chief executive officer Herbert Diess is struggling to receive support for his candidates to fill two executive posts. He is also asking the company board to support more significant reforms, Bloomberg reported citing people familiar with the matter.

According to the report, the company's works council is opposing Diess' candidates to succeed chief financial officer Frank Witter and fill the vacant purchasing chief position.

The report said that Diess has raised the prospect of extending his contract past 2023, but it will be very difficult to get majority of support from the company's supervisory board.

Frank Witter plans to step down from the company at the end of June 2021.

Volkswagen has been searching for a purchasing chief since announcing in June 2020 that Stefan Sommer would leave the company.

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