Let’s hope the cutlery was plastic and the sandwiches didn’t come with toothpicks.
Amid an investigation into the emissions scandal that recently ensnared the company’s ex-CEO and current brand chief, Volkswagen shareholders big and small gathered today to calmly discuss the company’s actions and finances.
By all accounts, the calm didn’t last.
According to Reuters, the meeting in Hanover, Germany started out with a corporate apology from chairman Hans Dieter Pötsch, who’d have less worries if his company got a nickel every time it apologized. With that out of the way, the 3,000 shareholders launched into business.
That business included two motions aimed at getting Pötsch out of the room. As a top executive, many shareholders blamed him for being part of the problem that caused the scandal in the first place. Unfortunately for the smaller shareholders, the big players circled the wagons around Volkswagen’s upper management.
The motions didn’t pass.
Ulrich Hocker, chief manager of Germany’s DSW private investor’s group, launched into the company’s top brass, calling their operation “a shambles” and blaming their “collective failure” to prevent the scandal.
“The stock has plunged 50 percent, market share keeps shrinking and diesel engines which long have been portrayed as the savior are just a big bluff,” said Hocker.
Investment firm Deka’s Alexander Scholl questioned whether the company’s big plan for electric vehicles was legit.
“It sounds appealing to aim to become the leader on electric mobility but the actual plans behind this are shallow,” Scholl said.
The meeting isn’t over, so there’s still a chance that fistfights will break out, much like in Eastern European parliaments. It didn’t help that German authorities are investigating the knowledge of former CEO Martin Winterkorn and brand chief Herbert Diess — a probe that started just days ago.
Earlier this year, the automaker’s supervisory board recommended that shareholders sign off on management’s actions during the previous year — an act required by German law. With Diess and Winterkorn now under scrutiny by the authorities, they might not get their wish.
[Image: foamcow/Flickr]
The future of middle Earth is at stake.
And it’s not looking good for VW.
“That business included two motions aimed at getting Pötsch out of the room.”
That wasn’t a very smart idea, they’d have been left without a Pötsch to pi$$ on.
Perfect!
Bah gawd King, Potsch has been broken in half! Somebody stop the damned match!
This meeting was supposed to happen after the US settlement was announced. VW management is probably glad it was delayed another week since all the shareholders can really do now is guess at what the long-term outcome will be.
Hocker ans Scholl made excellent statements: VW’s diesel was a bluff, and their new EV religion seems more like a dream than a possibility.
Perhaps, to add to the credibility of the VW electric car plans, they could buy Tesla on the next big stock price dip. This may come sooner than expected if the model x gets delayed more than expected. Even, if not successful, an attempted VW takeover would get the investment community buzzing which in turn could lift VWs current stock price out of the mud.
I like Tesla cars but wouldn’t touch their bubblicious stock with a 10 foot pole.
About 35 years ago, the representatives of the union and the representatives of the company I worked for met to discuss a new contract but the meeting ended with an actual fistfight.
On topic, maybe VW is planning to merge with Hoveround or another wheelchair/scooter manufacturer to scoop up their technology.
Maybe they’ll merge with Roomba. Or they’ll get bought out by Google.
Tin-hatters reenacting pre-internet days.
Corporate flunkies are not supposed to lie in order to inflate their annual bonuses (except a little bit). Maybe an adjustment is in order.
I demand that photo be used in all future VW articles.