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ALBERT GEA/Reuters
Volkswagen has defused a power struggle over measures needed to accelerate its expansion in electric vehicles, lifting its shares by 5 per cent on Tuesday as investors welcomed Chief Executive Herbert Diess getting allies appointed to key roles.
The conflict had pitted Diess against Bernd Osterloh, Volkswagen’s powerful labour boss, whose views differed on the pace required to turn the 83-year old automaker into more of a tech company modeled on Tesla.
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HAMBURG (Reuters) - Volkswagen has defused a power struggle over measures needed to accelerate its expansion in electric vehicles, lifting its shares by 5% on Tuesday as investors welcomed Chief Executive Herbert Diess getting allies appointed to key roles.
The conflict had pitted Diess against Bernd Osterloh, Volkswagen s powerful labour boss, whose views differed on the pace required to turn the 83-year old automaker into more of a tech company modelled on Tesla.
Volkswagen s supervisory board provided unanimous support for the 62-year old CEO in a statement on Monday, as well as backing key appointments he had requested, including Arno Antlitz taking over as finance chief from Frank Witter in June.