Recent press reports in Germany suggest that Volkswagen CEO Bernd Pischetsrieder may have to wait until the next supervisory board meeting on Wednesday 3 May before a decision is made on whether to extend his contract.
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According to the Frankfurter Allgemeine Sontagszeitung on Sunday, 30 April, the 10 labour representatives on the 20-member supervisory board have agreed not to make a decision until the meeting. They intend to use the matter as a weapon in negotiations over planned restructuring at the group and the suggestion that up to 20,000 jobs in Germany could be lost.
On Saturday, the Sueddeutsche Zeitung reported that some or all of the 10 shareholder representatives are likely to force a vote on Tuesday, before the meeting. However, since it is unlikely that Pischetsrieder would win a two-thirds majority to approve the extension of his contract, a second round of voting would be needed four weeks later. This would only require a simple majority.
