VW MANAGEMENT SHAKE-UP REACHES TRUCK SUBSIDIARY

VOLKSWAGEN’S series of executive shake-ups is reaching its commercial vehicle operations, with the surprise departure of Traton’s chief and other managers highlighting friction over restructuring plans that were jolted by the Covid-19 pandemic. Andreas Renschler will leave VW’S management board on July 15 and be replaced by Matthias Gruendler, former chief financial officer of the Munich-based truck unit, according to a statement on Tuesday. Traton management board member Joachim Drees, who leads the MAN trucks business, will also leave his post, as will personnel chief Carsten Intra. Intra will replace Thomas Sedran as head of VW’S light commercial vehicles division. Sedran, a key figure behind VW’S alliance with Ford, will assume responsibility for asset management at the commercial vehicles and machinery operations. VW group has made several management changes over the past weeks amid internal tension that’s risen from costly efforts to electrify its line-up, while also coping with the biggest industry slump in decades. Tesla zoomed past the industrial giant. It has more than tripled VW’S valuation, despite selling a fraction of vehicles.