VOLKSWAGEN SUPERVISORY BOARD AGREES ON MANAGEMENT POSITIONS AND REORGANISATION OF GROUP BOARD – STRONGER FOCUS ON COSTS PLANNED
VOLKSWAGEN SUPERVISORY BOARD AGREES ON MANAGEMENT POSITIONS AND REORGANISATION OF GROUP BOARD ? STRONGER FOCUS ON COSTS PLANNED

Supervisory Board: “Herbert Diess and his new Board of Management team have full support for implementation of Together 2025+ strategy”

Dr. Arno Antlitz will succeed Chief Financial Officer Frank Witter

Murat Aksel will take over Group Purchasing Division

Newly created Group Board of Management function “Technology” will be headed by Thomas Schmall

Wolfsburg will become showcase site for the highly automated production of electric vehicles

Wolfsburg, December 14, 2020 – During its meeting today, the Supervisory Board of Volkswagen AG dealt extensively with the Together 2025+ strategy and, in connection with this, a realignment of personnel. The Board unanimously resolved to give its full support to the strategy, in particular the orientation of the company towards electromobility and digitalisation. This results in the following realignment of personnel resolved by the Supervisory Board:

- Dr. Arno Antlitz, currently member of the Board of Management of AUDI AG responsible for Finance and Legal Affairs, will succeed Frank Witter as Group CFO, with the latter’s contract, as is known, expiring at his own request at the end of June 2021. Dr. Antlitz’s primary focus will be on further efficiency increases.

- As part of the redesigning of the Group Board of Management, the areas of responsibility Procurement and Components will be separated from each other. A new Group Board of Management function, “Technology”, will be set up. It will be led from 1 January 2021 on by Thomas Schmall, currently Chief Executive Officer of Volkswagen Group Components. In the future, Schmall will be responsible group- wide for all Group Components activities, the marketing of the Volkswagen platforms to third parties, the development and manufacturing of battery cells as well as the associated procurement, the areas of charging and charging systems and the corresponding joint ventures worldwide.

- Also with effect as of 1 January 2021, Murat Aksel will be taking over the Purchasing Division in the Group. He will continue his function as member of the Board of Management for the Volkswagen Passenger Cars brand responsible for purchasing. The separation of Purchasing and Components is meant to allow Murat Aksel to concentrate fully on optimising the material costs throughout the Group. All three of the newly appointed Group Board of Management members will receive a three-year contract in accordance with the recommendations of the new German Corporate Governance Code.

In addition, the Supervisory Boardnoted after today’s meeting:“Herbert Diess has had a majorimpact on Volkswagen since2015. Without hiscommitment, the transformation of the company would not have been so consistent and successful. The Supervisory Boardvalues the determination and persistence that Herbert Diesshas exhibited in pressing forwardnot only with technological changes and the contribution to the achievement of climate goals,but also with thefinancial results of the company. In the upcomingyears, the Board of Management of Volkswagen AG will implement the strategywith Herbert Diess at the top. The Chairman of the Board of Management and his new Board of Management team have the Supervisory Board’sfull support not only when itcomes to the new orientation towards electromobilityand digitalisation, but also the increase of efficiency and profitability inall brands and parts of the Group. Inthis connection, it remains our joint objective to combine the transformationwith a high level of qualification and future opportunities for the employees of the Groupand – taking into account existing programmes – to organisethe necessary reduction of staff, includingin particular the demographic change, by means of the triedand tested personnel tools.”

“Withits decision today, the Volkswagen Group is demonstrating its determination to continue to pressforward with the changes in the automotive sector at greatspeed. At the same time,the Group will continueto actively bringabout the successful transformation of the company and its sites.With our forward-looking, solid planning in the transformation and conversion of the sites, we will set an example for theentire sector in the future as well”, saidthe Chairman of the Supervisory Board, HansDieter Pötsch.

“Together we are rigorously pressing forward withthe largest transformation in the historyof Volkswagen. In theupcoming years, we will continue to invest in electromobility,digitalisation and battery technology and, at the same time,substantially reduce fixedcosts and materialcosts throughout the Groupin all brands and regionsin order to ensure Volkswagen’s futureviability”, said the Chairman of the Boardof Management of Volkswagen, Dr. HerbertDiess.

“There is total agreement between theSupervisory Board, the Board of Management and the employee representatives on the Group’s consistentorientation towards our strategic transformation objectives. In the course of the implementation, everyone involvedcontinues to espouse theequal status of profitability and safeguarding of jobs, as well as theimportance of training. This once again proves thatwe can best meet the great challenges that lie beforeus only by workingtogether”, saidthe Group workscouncil chairman, BerndOsterloh.

In the mediumterm, the Groupheadquarters in Wolfsburg is to becomethe pioneering factory for the highly automated manufacture of electricvehicles. The futureleading electric vehicleof the Volkswagen Passenger Car brandis to be built thereon the basisof highly productive site conditions, which are also competitive in terms of costs.To this end, a project willbe set up, similar to the Artemis projectat AUDI, whichbundles all activities from the development of the vehicle up to production.

Moreover, in view of the entire Group,the Group Boardof Management and the Groupworks council will, by the end of thefirst quarter, agree on a planto reduce the fixed costsby five percent by 2023 takinginto account the existing programmes.

The material costs are to be reduced by sevenpercent in the next two years.

Thereis agreement on the Boardthat Lamborghini and Ducati willremain part of the VolkswagenGroup. In the course of the reorganisation, it was furtherresolved that theBentley brand willfall within the management responsibility of the Audibrand as of 1 March2021 in orderto allow for synergies to be achievedas part of the electrification strategy of the two premiumbrands.

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