At the VW general meeting, CEO Oliver Blume (56) sees itself with increasing criticism of his double role as the boss of Volkswagen and Porsche confronted. Action protectors and fund representatives asked him to concentrate on one of the jobs. “They are in the crossfire of interests and their day also has only 24 hours,” said Ingo Speich from the fund provider Deka. To pull the rudder around at Volkswagen, “you have to have both hands at the wheel, and that is currently not the case”.
Blume has been at the top of both Porsche and Volkswagen for almost three years, making it the only manager who leads two DAX companies at the same time. This is a “unique situation in the German corporate landscape” and simply “not sustainable”, criticized Hendrik Schmidt from the fund provider DWS. With flower, Volkswagen has only one part-time boss “who grow the problems over his head”, criticized Janne Werning from the Union Investment.
Blume gave the demands a cancellation. “The double role is a recipe for success,” he said. “Especially in time -challenging times, the advantages outweigh far.” But it is also clear: “The double role is not put on forever.” In the end, however, the Supervisory Board must decide. There it is convinced that “both companies benefit”, said his chairman Hans Dieter Pötsch (74). According to the manager magazine, Blume is preparing With a reconstruction in Stuttgart, however, everything for its successor.
Criticism of the independence of the Supervisory Board
At the general meeting, a lack of independence from the Supervisory Board was also criticized. The Chairman of the Supervisory Board Pötsch, as a major shareholder representative, cannot be considered independent, said Werning. “The impression is solidifying that People’s Wagen dominates instead of market,” said DWS representative Schmidt. This raises the question of whether the Supervisory Board exercises its control function. The owners dominated, control and influence were not separated from each other.
He primarily addressed Pötsch, Hans Michel Piëch and Wolfgang Porsche (82), who play an important role as representatives of the owner families. “The associated image of poor external control is a permanent core problem,” said Strenger. This scares investors. One could well imagine a 10 to 20 percent higher share price if investors could be recovered.
Criticism of the Supervisory Board at Volkswagen is not new and has been regularly loud at the general meetings for years. In the past, VW major shareholder and member of the supervisory board, Wolfgang Porsche, rejected the accusation that the strong influence of the families holds back the share price. The major shareholders are not the reason for the poor evaluation of the share. The VW share has been developing weaker than the overall market for years. Last year, the papers lost around 20 percent, only 12 percent during the European Auto Index.
VW also bends in diversity
With regard to the location of the group, Blume spoke of further challenging framework conditions. “We are currently experiencing a world in rapid change.” VW wanted to face this “with full strength” and continue to take up speeds in 2025. For this, the group with the savings programs installed including job cuts at VW, Audi And Porsche created the base. “But most of the implementation is still ahead of us.”
Europe’s largest car manufacturer had in late 2024 after a long struggle with the IG Metall Ainized on hard cuts in the core brand VW. Similar programs then put on the daughters Audi and Porsche. More than 40,000 jobs are to be lost across the group.
Blume wants to design a new strategy for the North America business. “Like for China We also develop a target for North America. With a clear plan of measures and responsibilities, ”said the CEO. Volkswagen sees a clear potential in this region, despite the known current trade policy challenges.“ We want to grow in the region. With products that are consistently based on the expectations of American customers. ”
US President Donald Trump (78) has imposed import duties of 25 percent for import vehicles. Suffer from this in particular the VW subsidiary Audi as well as Porsche that does not use your own production in the USA have. Audi boss Gernot Döllner (56) announced in February to make a decision on production in the USA this year. Volkswagen has a work in Chattanooga in the US state of Tennessee, in which SUV models and the electrical ID.4 run off the assembly line. In addition, the company is currently building a production facility for the new SUV brand Scout in South Carolina.
The VW Group meets the demand from Trump to companies to stop their diversity programs. As early as this year, US subsidiaries would be excluded from the group’s diversity goals, said Legal Board Manfred Döss.