Volkswagen Group appoints David Powels as new CFO, prioritizing cost savings amid competition and a €10bn savings plan.

Volkswagen Group has appointed David Powels as the new CFO of its namesake brand, effective October 1, succeeding Patrik A. Mayer. Powels, previously head of finance at Seat, will focus on enhancing competitiveness through cost savings amid a cost-cutting initiative that has raised concerns among German workers over potential plant closures. This leadership change comes as Volkswagen faces increased competition and aims to save €10 billion by 2026.

September 09, 2024
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