From Daimler to VW

Volkswagen Aktiengesellschaft (VW AG) has hired former Daimler AG executive, Andreas Renschler,  as a member of the board of management to take charge of the company’s commercial vehicles – effective February 1, 2015, after a non-compete agreement with Daimler expires.

Renschler will take over from Leif Östling, who will continue to make a significant contribution to the commercial vehicles supervisory bodies in the VW Group.

“We are very pleased we have been able to recruit Renschler to join our company, thanks to the initiative and efforts of Östling,” states Ferdinand K. Piëch, chairman of the supervisory board of VW.

He adds: “We have found the ideal successor for Östling when he retires from the board of management next year. I am particularly pleased that Östling has agreed to contribute his experience to our commercial vehicles business in a supervisory board capacity once he has stepped down from the board of management.”

Martin Winterkorn, CEO of VW AG, points out: “Östling has driven the Volkswagen Group’s commercial vehicles business further forward in a period of difficult economic conditions. His dedication and commitment to creating an integrated commercial vehicles group will continue in the months ahead.”

He adds: “We are delighted to be welcoming such a gifted and experienced manager as Andreas Renschler to our company.”

The Group is thus laying the foundations for the successful continuation of its commercial vehicles business … The business and financial market news site Bloomberg reports that VW has struggled to forge closer ties between truck-making affiliates Scania AB and MAN SE, as well as increase cooperation with its own commercial vehicle business. But VW aims to change this with Renschler’s leadership and greater integration between its affiliates.

“The German manufacturer, which took full control of Munich-based MAN in 2012, is offering to pay €6,7 billion (R99,1 billion) to buy the rest of Sweden’s Scania to increase integration and squeeze out more costs,” Bloomberg points out. VW, together with MAN, already owns 62,6 percent of Scania’s equity and 89,2 percent of the votes.