VOLKSWAGEN is reportedly planning a revamp of its executive board, trimming the total seats from 12 to nine.

People close to the matter told Reuters the move was floated earlier this week during a board meeting but it is yet to be finalised.

According to sources, procurement and sales will be the positions removed during the reshuffle.

Volkswagen declined to comment.

The news came one day before Porsche boss Oliver Blume took over from Herbert Diess as the group's chief executive. Diess stepped down on July 22 after four turbulent years - plagued by the pandemic and semiconductor shortages as well as rows with unions - at the helm of the marquee. The decision to have Blume head both Porsche and Volkswagen initially raised eyebrows, as investors believed it might hurt Porsche's float.

Volkswagen chief financial officer Arno Antlitz said in late July the listing continued "with more emphasis than before."

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