Volkswagen board executive committee to discuss CEO Diess’ future on Tuesday – sources

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FILE PHOTO: German President Frank-Walter Steinmeier visits Volkswagen plant in Zwickau

BERLIN (Reuters) – Volkswagen’s supervisory board executive committee will meet on Tuesday to discuss the future of CEO Herbert Diess, sources said, confirming a report in Germany’s Frankfurter Allgemeine Zeitung (FAZ) earlier on Monday.

It is not yet clear whether a final decision will be made at Tuesday’s meeting, which will be attended among others by works council head Daniela Cavallo and representatives for the majority shareholder families, Hans Michel Piech and Wolfgang Porsche, the FAZ said.

The company is due to discuss its five-year spending plan on December 9, and it is expected that a decision will be made before then, FAZ reported.

Volkswagen declined to comment.

Tensions have risen in recent weeks between Diess and union representatives at Volkswagen over his management style and electrification strategy, after the CEO warned at a meeting that 30,000 jobs could be lost if the process was not managed well.

(Reporting by Victoria Waldersee, Thomas Escritt)

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