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Volkswagen continues hunt for new chairman

Volkswagen is going to need a new chairman. And the question is not only who that will be, but when he or she will be selected. The German automaker held its Annual General Meeting in Hannover yesterday, the first in a baker's dozen years without Ferdinand Piech presiding as chairman. The gavel was wielded instead by Berthold Huber, a labor representative on the board who was named as interim chair. Piech was ousted along with his wife Ursula (who also sat on the board) after a failed attempt to push out Martin Winterkorn as CEO. According to Winterkorn, in speaking with Reuters in an article published by Automotive News, the industrial giant is working hard at finding a new chairman in short order. "The executive committee and the supervisory board are working hard to swiftly resolve the remaining issues with regard to the composition of the supervisory bodies in the best possible manner," Winterkorn said. The publication's German counterpart, however, paints a different picture. Speaking with Stephan Weil, the president of Lower Saxony who sits on the board as a shareholder representative, Automobilwoche says Volkswagen is in no rush to name a new chairman. The truth is probably somewhere in the middle. What is clear, however, is that the new chairman will need broad support from the company's labor representatives as well as its shareholders – including the Porsche and Piech families and government representatives from Lower Saxony and Qatar. Porsche Automobil Holding SE holds 50.7 percent of the company's shares, the State of Lower Saxony another 20 percent, Qatar 17 percent and the remaining 12.3 percent by other shareholders. Some have speculated that Winterkorn could be promoted to the chairmanship of the Supervisory Board, but could end up having his term as chief executive (and chairman of the managing board) extended instead, with the chairmanship going to another candidate. Related Video:

Weekly Recap For 4.22.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the latest from the VW diesel emissions scandal, spy shots of the latest Honda CR-V, and more. Ferrari Honda Volkswagen Crossover Autoblog Minute Videos Original Video emissions scandal diesel emissions scandal

Renault to name VW manager Luca De Meo as CEO

PARIS — Renault's board is set to meet later on Tuesday to approve the nomination of Luca de Meo, the former head of Volkswagen's Seat brand, as its next chief executive, two sources familiar with the matter said. The Italian-born executive, who stepped down from Seat earlier this month, is not due to take up his post at the French carmaker until towards July, due to negotiations around his contract, according to one of the sources. Renault declined to comment. De Meo is not expected to face any last minute hurdles in his nomination, and has already won tacit backing from parties including the French government, a Renault shareholder. His appointment fills one of the major gaps left at the firm as it tries to move past a year of turmoil following the 2018 arrest in Tokyo of former boss-turned-fugitive Carlos Ghosn, and reset its strained alliance with Japan's Nissan. Ghosn, who forged and oversaw the Renault-Nissan partnership for almost two decades, has since fled Japan and resettled in Lebanon, from where he has contested the financial misconduct charges against him and said the alliance was at risk of collapse. De Meo, along with Renault Chairman Jean-Dominique Senard, brought in last January from tire maker Michelin, will have his work cut out to turn around the firm. Like rivals, Renault is grappling with a downturn in demand, and has said it expects a slight decline in the car market in Europe, Russia and China this year. The firm has also presented 2020 as a make-or-break year for the alliance with Nissan and is under pressure to deliver on cost savings and joint projects. Automakers face pressure to meet stringent new emissions targets with less polluting models, and are also competing to produce innovations such as self-driving cars, which require large investments. De Meo, who speaks French, will be one of a growing handful of outsiders in senior company jobs in France. The 52-year-old started his career at Renault and has worked at Fiat and Audi among other brands. He is credited with revitalizing sales at Barcelona-based Seat, imbuing it with a more sporty image, though his portfolio will be markedly larger at Renault, whose brands include Dacia and Lada. Renault's finance chief Clotilde Delbos has been CEO on an interim basis since last October, when Thierry Bollore, a former Ghosn ally, was ousted by the board. Related Video:     Hirings/Firings/Layoffs Rumormill Volkswagen Renault