Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  MAN SE    MAN   DE0005937007

MAN SE

(MAN)
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

VW names new boss to steer sweeping overhaul

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/12/2018 | 03:58pm EDT
FILE PHOTO: The 88th Geneva International Motor Show

BERLIN (Reuters) - Volkswagen (>> Volkswagen) has chosen Herbert Diess as its new chief executive in an overhaul that includes streamlining the company's multiple car brands into just three groups while preparing its truck business for a potential listing.

BERLIN (Reuters) - Volkswagen has chosen Herbert Diess as its new chief executive in an overhaul that includes streamlining the company's multiple car brands into just three groups while preparing its truck business for a potential listing.

The plans were announced after Volkswagen board of directors ousted Matthias Mueller as CEO and discussed ways to overhaul the company, which spans motorbikes, buses, trucks and passenger car brands including Ducati, Bentley, Porsche, Audi, Scania and Skoda.

Mueller's replacement with VW brand chief Diess follows slow progress in reorganizing the group's car brands, a key pillar of "Strategy 2025" to transform the Germany's biggest car company into a leader in cleaner cars and to move on from its diesel emissions scandal of 2015.

For Volkswagen its the biggest overhaul since it became a multi-brand conglomerate under former chief executive Ferdinand Piech, a grandson of VW Beetle designer Ferdinand Porsche.

Under the plans, announced on Thursday, Volkswagen will divide itself into six new business areas, plus a portfolio for China, as part of an effort to decentralize responsibility and improve efficiency.

The carmaker will prepare its truck and bus division for "capital market readiness" by making it a public limited company as a prelude to a potential listing, confirming a Reuters report from last month.

The new car brands will be Volume, Premium and Super Premium. Earlier on Thursday, sources had told Reuters that VW would reorganize its brands into these groups.

Analysts welcomed the appointment of Diess, a former BMW (>> Bayerische Motoren Werke) executive who has more than doubled profitability at the VW brand since taking charge in 2015.

"Diess is a man of action, he is the most plausible choice at VW to lead the group into the next phase of its transformation," said Nord LB analyst Frank Schwope, who has a "buy" rating on Volkswagen.

Separately, VW said works council executive Gunnar Kilian, a close aide to labor boss Bernd Osterloh, will replace group human resources chief Karlheinz Blessing who will stay at VW as an adviser. Earlier this week, sources told Reuters that Kilian would replace Blessing.

Purchasing chief Francisco Javier Garcia Sanz, the longest-serving top executive at VW, will leave the company, the carmaker said.

VW will tighten leadership duties within the group and empower the heads of the three vehicle categories to take on company-wide responsibilities.

With VW's core namesake brand shouldering the bulk of development spending within the group, Diess will also become responsible for R&D activities across the group. Rupert Stadler, CEO of luxury division Audi will take charge of group sales.

Oliver Blume, head of sports car brand Porsche and newly appointed to the group executive board, will oversee production at the multi-brand organization, VW said, confirming a Reuters report.

Diess, Stadler and Blume will also take charge of the new groups Volume, Premium and Super Premium respectively, VW said, without giving more details.

The German carmaker's deliberations come as rival carmakers and suppliers including Fiat and Daimler work on ways to slim down and divest non-core assets.

Analysts at Goldman Sachs say there is 160 billion euros worth of "hidden value" in the European autos sector that could be unlocked through portfolio simplifications.

(Reporting by Andreas Cremer; Writing by Edward Taylor. Editing by Douglas Busvine and Jane Merriman)

Stocks treated in this article : Bayerische Motoren Werke, MAN, Audi AG, Daimler, Volkswagen
Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG -0.24% 816 Delayed Quote.4.35%
BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT -0.56% 53.7 Delayed Quote.-13.53%
DAIMLER AG -1.42% 48.425 Delayed Quote.5.48%
GOLDMAN SACHS GROUP INC. 0.03% 206.52 Delayed Quote.23.63%
MAN SE -0.73% 40.7 Delayed Quote.-54.85%
VOLKSWAGEN AG -0.49% 169.34 Delayed Quote.21.90%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MAN SE
09/03MAN : increases sales revenue in the first half of the year; Improvement in unit..
AQ
08/27Ferdinand Piech, architect of Volkswagen's global expansion, dies aged 82
RE
07/31MAN : increases sales revenue in the first half of the year; Improvement in unit..
AQ
07/30MAN : increases sales revenue in the first half of the year
PU
07/29Truck maker Traton warns first-half order intake slowed as profit rose
RE
07/19CUMMINS MAKES OFFER FOR VW'S LARGE E : sources
RE
07/17VW's Traton Plans to Grow Without Acquisitions -Handelsblatt
DJ
07/12Volkswagen zooms ahead in extension of alliance with Ford to electric, automa..
RE
07/02MAN SE : Preliminary announcement of the publication of financial reports accord..
EQ
06/28Volkswagen's Traton shares limp on stock market debut
RE
More news
Financials (EUR)
Sales 2019 15 516 M
EBIT 2019 908 M
Net income 2019 509 M
Debt 2019 1 475 M
Yield 2019 7,54%
P/E ratio 2019 11,8x
P/E ratio 2020 12,6x
EV / Sales2019 0,48x
EV / Sales2020 0,44x
Capitalization 6 004 M
Chart MAN SE
Duration : Period :
MAN SE Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MAN SE
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 82,00  €
Last Close Price 40,70  €
Spread / Highest target 101%
Spread / Average Target 101%
Spread / Lowest Target 101%
EPS Revisions
Managers
NameTitle
Joachim Gerhard Drees Chairman-Management Board & CEO
Andreas Hermann Renschler Chairman-Supervisory Board
Jan-Henrik Lafrentz Chief Financial Officer
Erich Schwarz Member-Supervisory Board
Angelika Pohlenz Independent Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
MAN SE-54.85%6 688
VOLVO20.83%30 148
XCMG CONSTRUCTION MACHINERY CO LTD--.--%5 155
SINOTRUK (HONG KONG) LIMITED2.93%4 204
JUNGHEINRICH AKTIENGESELLSCHAFT-4.90%2 468
ANHUI HELI CO., LTD.3.77%933