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You are here: Home / New VW CEO vows integrity drive but investors unimpressed

New VW CEO vows integrity drive but investors unimpressed

· May 3, 2018 ·

BERLIN (Reuters) – Volkswagen’s (VOWG_p.DE) new chief executive on Thursday vowed to make the carmaker “more honest” as it fights to recover from 2015’s diesel emissions scandal, but its wary investors called for outside vetting of steps to restore its reputation. Herbert Diess, Volkswagen’s new CEO, poses during the Volkswagen Group’s annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt Europe’s largest automaker will expand its internal whistleblower system and beef up compliance to prevent the misconduct that triggered the scandal, CEO Herbert Diess said. “Volkswagen has to become more honest, more open, more truthful,” Diess said at VW’s annual shareholder meeting. Preventing future malfeasance “is the top priority for my colleagues on the (management) board and for me personally.” Former chief executive Matthias Mueller, who was ousted last month by the carmaker’s major shareholders, has said getting mid-level managers to adapt to the carmaker’s post-dieselgate drive to improve accountability was more difficult than thought. “We have too long underestimated the value of a more open corporate culture that does not repress dissent but instead rewards it,” Diess said. Investors welcomed the planned changes but said home-grown steps alone would not suffice to credibly overhaul VW’s corporate culture…. Read full this story

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