Volkswagen GROUP CEO rejected by shareholders over ’emissions gate’ application for extension contract as compensation

Earlier, Fast Tech reported that German prosecutors had sued Herbert Diess, Volkswagen’s chief executive, for allegedly manipulating the market by failing to disclose information to investors in a timely manner after the Emissions Gate incident. However, it has been later confirmed that VW CEO Dees has nothing to do with Emissions Gate. On June 1st,media reported that Dees had asked Volkswagen to compensate itself and extend his term until 2025, but was rebuffed.

Deese applied to the supervisory board for an extension of its contract until 2025, but VW’s supervisory board did not approve the application, according to people familiar with the matter. The Porsche and Piech families, VW’s majority shareholders, also rejected Mr Deiss’s request.

Dees believes that he has been proven to have nothing to do with vw and will not be tried by the judiciary, so he will not harm the public’s reputation and image. He asked VW to compensate and extend his contract until 2025.

Earlier, German prosecutors announced on May 19th that Mr. Dees and Pan Shi, chairman of Vw’s supervisory board, would pay a 9 million euro (about 70 million yuan) fine and would not face justice or punishment. Volkswagen will pay the fine for Dees and Panshi.

So far, VW has lost about 31.3 billion euros (about 245 billion yuan) in the “emissiongate” incident. Volkswagen expects losses caused by “emissions gates” to continue until 2021.

Volkswagen GROUP CEO rejected by shareholders over 'emissions gate' application for extension contract as compensation