A leading German asset fund that is a major investor in Volkswagen has suggested that recently appointed CEO Matthias Müller should stand down so that the company can be led out of its crisis by an outsider.
Ingo Speich, a senior portfolio manager at Union Investment, told the Financial Times that only outside leadership can restore trust in the company.
“It would be far better to have new, fresh people in the management board and the supervisory board to gain back trust from the capital markets,” he told the FT.
The FT noted that Speich’s statement is the most vocal intervention from a shareholder in the two-month-old scandal and reflects increasing market dissatisfaction with the German carmaker.
“It’s all about trust. From the capital market’s point of view the company is not communicating well and there is a lack of trust. We are disappointed by the personnel decisions VW took and the information they provided,” he told the newspaper.
Mr Speich also said VW should follow the example of Siemens, which reacted to a major bribery scandal by appointing company outsiders as chief executive and chairman.