Volkswagen Brand Names New CFO Amid Cost-Cutting Campaign

By David Sachs

Volkswagen Group named David Powels chief financial officer of its namesake brand on Monday amid a cost-cutting initiative that has angered workers in Germany over potential plant closures.

Powels will take the reins of the Volkswagen brand on Oct. 1 from Patrik A. Mayer, the company said. He comes from the company's Seat brand, where he headed finance and IT. Mayer will take Powels' old job, the carmaker said.

Powels will be tasked with making the brand more competitive with cost savings, Thomas Schaefer, chief executive of the Volkswagen cars brand, said. Powels will take over as CFO under more difficult conditions than did Mayer, who became CFO in 2022, the executive said.

Last week, Volkswagen sparred with representatives from its workers' council in Germany over the prospect of closing plants as part of a plan aimed at saving 10 billion euros ($11.09 billion) at the brand.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

September 09, 2024 09:21 ET (13:21 GMT)

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