Volkswagen AG has announced that Audi will now take the reins of the group’s research and development division, as the Wolfsburg giant attempts to reorganise competencies and responsibilities. VW big boss Dr Herbert Diess said: “Given the strong dynamics of change in our industry, we are pooling our strengths in the Volkswagen Group and positioning ourselves competitively for the future.
“Going forward, the Audi brand with Markus Duesmann as its new CEO will take over the lead for research and development in the Volkswagen Group and thus swiftly assume technical leadership,” he added. At the same time, VW AG will increase its shareholding in Audi from the present 99.64% to 100%. The 0.36% of Audi’s shares are currently being traded on the Frankfurt stock exchange.
To clarify, Duesmann will only assume the role as CEO in April 2020, and he will replace the current Audi boss Bram Schot. Speaking on Audi’s new leadership role, Schot said: “It is exactly the right way not to stick to the organisational status quo, but to consistently exploit the advantages of the Group’s network. With a greater job split at the Group, we can manage future issues more agilely and flexibly. The new structure will strengthen Audi’s role within the Volkswagen Group and recharge Vorsprung durch Technik.”
Audi AG will continue to be a stock corporation, thus retaining a legal form compatible with the capital market. It guarantees that employee codetermination will remain unaffected. “As Audi’s employee representatives, we fought for and achieved this goal. The brand will therefore continue to be independent within the Group,” states Peter Mosch, Audi’s General Works Council chairman.
Volkswagen’s bid to up its shareholding will be passed at this year’s Annual General Meeting of Audi AG. It was originally scheduled for May 14, 2020, but will be postponed until July or August 2020.
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