WOLFSBURG (dpa-AFX) - Volkswagen AG's (VKW.L, VLKAF.PK, VOW.BE) supervisory board is meeting a day earlier than planned in a sign the German carmaker was caught off guard in its attempt to push through a change in top management and organization, according to reports.
The reports said the directors -- including members of the controlling Porsche and Piech clans, the prime minister of Germany's Lower Saxony region and labor leaders -- will gather at headquarters in Wolfsburg later Thursday to consider the biggest reorganization since 2015.
A power struggle and diesel emissions cheating scandal were engulfing the company, leading to the tumultuous exits first of Chairman Ferdinand Piech and later in the year of Chief Executive Officer Martin Winterkorn. In a few hours, the board will deliberate on yet another change in CEO and a plan to streamline Volkswagen's unwieldy 12-brand portfolio, the reports said.
The Chief Executive Officer Matthias Mueller is expected to be replaced by Volkswagen brand chief Herbert Diess, who will concentrate power in a dual role as group chief and head of the company's namesake marque, the reports said.
Copyright RTT News/dpa-AFX