Copyright 2001 Agence France Presse
Agence France Presse


October 29, 2001 Monday 6:12 AM Eastern Time

SECTION: Financial Pages

LENGTH: 215 words

HEADLINE: VW's future chairman plans board shakeout: report

DATELINE: FRANKFURT, Oct 29

BODY:
The chairman-designate of Volkswagen, Bernd Pischetsrieder, is planning a management shakeout, the Financial Times Deutschland reported on Monday.

Following the announcement last week of the departure of VW's head of communications, Klaus Kocks, board members Robert Buechelhofer and Bruno Adelt are also about to pack their bags, the newspaper said, without revealing its sources. VW rejected the report.

"No board changes are envisaged," the car maker said in a short statement.

"The speculation regarding Bruno Adelt and Robert Buechelhofer has absolutely no basis in fact."

FT Deutschland said negotiations were currently underway for a premature termination of Buechelhofer's contract, set to run for another three years, a move which could cost VW dear.

Pischetsrieder was also looking to get rid of finance chief Adelt, whom he blames for VW's poor stock market performance, the newspaper continued.

Finally, FT Deutschland suggested the head of VW's Audi unit, Franz Josef Paefgen, might also be ejected, since VW was looking to combine its Audi, Seat and Lamborghini brands under one division, probably to be headed by VW's development chief Martin Winterkorn.

Pischetsrieder is scheduled to take the driver's seat at VW from Ferdinand Piech next spring.

LOAD-DATE: October 29, 2001

 

Here comes change. Whether it's good or not will not be seen for years.