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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Chief executive of VW's truck unit Traton replaced by Scania boss

09/30/2021 | 01:42am EST
FILE PHOTO: Visitors stand at booth of VW's truck unit Traton Group in Hanover

FRANKFURT (Reuters) -The chief executive of Volkswagen's truck unit Traton, Matthias Gruendler, will leave the business and will be replaced by the head of Traton subsidiary Scania, Christian Levin, who will lead both businesses.

In a statement on Wednesday, Traton added that its chief finance officer, Christian Schulz, would leave alongside Gruendler. Schulz will be replaced by Annette Danielski, now the firm's head of group finance.

Traton said the changes, which take effect on Thursday, were decided by its supervisory board, chaired by VW non-executive Chairman Hans Dieter Poetsch.

Volkswagen Chief Executive Herbert Diess welcomed the management reshuffle, adding that the company now had a chance to maximise synergies with the Navistar and MAN truck brands.

"Electrifying our truck business, preparing it for an autonomous driving future and expanding our global footprint will require new joint approaches to generate scale," Diess said on Twitter.

"We are getting rid of the complex structure and will replace it with a lean management comprising the three truck brands."

(Reporting by Ludwig Burger; Editing by Jonathan Oatis and Clarence Fernandez)


ę Reuters 2021
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Analyst Recommendations on VOLKSWAGEN AG
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Financials
Sales 2021 248 B 280 B 280 B
Net income 2021 13 828 M 15 636 M 15 636 M
Net cash 2021 30 143 M 34 084 M 34 084 M
P/E ratio 2021 6,09x
Yield 2021 4,50%
Capitalization 110 B 125 B 125 B
EV / Sales 2021 0,32x
EV / Sales 2022 0,27x
Nbr of Employees 645 318
Free-Float 56,8%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 166,56 €
Average target price 249,97 €
Spread / Average Target 50,1%
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Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter P÷tsch Chairman-Supervisory Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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