Volkswagen will leave the company that saved the company from collapse

Volkswagen will leave the company that saved the company from collapse

February 20, 2020 0 By autotimesnews

Frank Witter, who held this position at the Volkswagen Group, is about to leave the concern after the automaker agreed not to renew the contract until the usual five-year period.

The Witter contract, which was due to end this year, was recently renewed, but only until June 2021, as the CFO himself demanded. This was reported by Automotive News with reference to anonymous sources. This gives VW time to find a successor and organize the transfer of authority to a veteran manager who joined the company in 1992.

    A VW spokesman declined to comment on specific contract issues.

Recall that the 60-year-old Witter practically stands at the origins of the company – he spent most of his professional career at Volkswagen, playing an important role in managing the concern during his biggest crisis, the diesel scandal that erupted in September 2015, a month before of how Witter moved to the finance department.

Witter helped stabilize the company from the massive financial and reputational consequences that ensued through increased financial reserves. Last year, Witter was faced with controversy over the poorly organized initial public offering of the Traton VW truck division. The project was temporarily stopped and brought mediocre income.

At his current post, he is responsible for financing the largest electric vehicle market in the automotive industry, while also managing the outflow of funds caused by the diesel crisis. The emissions scandal cost the company about 30 billion euros, and further litigation may drag on for years.