Volkswagen's Effort to Broker Truce on CEO's Cost Reduction Initiative Falls Through

Deep News09-02

Talks aimed at reaching a compromise over a contentious cost-reduction plan championed by Volkswagen's chief executive have collapsed, according to sources familiar with the matter.

The dispute centers on the aggressive savings program pushed by CEO Oliver Blume, with negotiations between Volkswagen AG and representatives of the state of Lower Saxony having taken place on Monday and Tuesday. These sessions, however, ended without a resolution, and no further discussions are scheduled prior to the supervisory board meeting slated for Friday.

Management now anticipates that the upcoming supervisory board session will fail to produce an agreement on the savings blueprint. As a result, preparations are underway to put the proposal before shareholders at an extraordinary general meeting, which could potentially be convened as early as this autumn. Volkswagen declined to comment on the matter.

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