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Yesterday, Volkswagen terminated the contract of Audi CEO Rupert Stadler. Since June, Stadler has been in prison due to possible evidence tampering concerning the diesel emission scandal. As we reported last week, Volkswagen's supervisory board was expected to make a decision on Stadler's future, but couldn't come to an agreement. "Mr. Stadler is leaving the companies with immediate effect and will no longer work for the Volkswagen Group. Mr. Stadler is doing so because, due to his ongoing pretrial detention, he is unable to fulfil his duties as a member of the board of management and wishes to concentrate on his defence. The contractual execution depends on the course and outcome of the criminal proceedings," the company said in a statement. The last line in the statement is very important. According to German business paper Handelsblatt, Stadler could receive up a 7 million euro ($8 million) payout if he is cleared of any involvement in the diesel emission scandal. Source: Volkswagen, Handelsblatt Rupert Stadler leaves Volkswagen AG and AUDI AG boards of management The supervisory boards of Volkswagen AG and AUDI AG have today consented to the conclu-sion of an agreement with Rupert Stadler on the termination of his offices as a member of the board of management of Volkswagen AG and chairman of the board of management of AUDI AG as well as of his service agreements. Mr. Stadler is leaving the companies with immediate effect and will no longer work for the Volkswagen Group. Mr. Stadler is doing so because, due to his ongoing pretrial detention, he is unable to fulfil his duties as a member of the board of management and wishes to concentrate on his defence. The contractual execution depends on the course and outcome of the criminal proceedings. Rupert Stadler began working for AUDI in 1990 and has worked for the Volkswagen Group ever since. He joined the board of management of AUDI AG on 1 January 2003 and was made chairman on 1 January 2007. He was also appointed to the board of management of Volkswagen AG on 1 January 2010. View full article
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Yesterday, Volkswagen terminated the contract of Audi CEO Rupert Stadler. Since June, Stadler has been in prison due to possible evidence tampering concerning the diesel emission scandal. As we reported last week, Volkswagen's supervisory board was expected to make a decision on Stadler's future, but couldn't come to an agreement. "Mr. Stadler is leaving the companies with immediate effect and will no longer work for the Volkswagen Group. Mr. Stadler is doing so because, due to his ongoing pretrial detention, he is unable to fulfil his duties as a member of the board of management and wishes to concentrate on his defence. The contractual execution depends on the course and outcome of the criminal proceedings," the company said in a statement. The last line in the statement is very important. According to German business paper Handelsblatt, Stadler could receive up a 7 million euro ($8 million) payout if he is cleared of any involvement in the diesel emission scandal. Source: Volkswagen, Handelsblatt Rupert Stadler leaves Volkswagen AG and AUDI AG boards of management The supervisory boards of Volkswagen AG and AUDI AG have today consented to the conclu-sion of an agreement with Rupert Stadler on the termination of his offices as a member of the board of management of Volkswagen AG and chairman of the board of management of AUDI AG as well as of his service agreements. Mr. Stadler is leaving the companies with immediate effect and will no longer work for the Volkswagen Group. Mr. Stadler is doing so because, due to his ongoing pretrial detention, he is unable to fulfil his duties as a member of the board of management and wishes to concentrate on his defence. The contractual execution depends on the course and outcome of the criminal proceedings. Rupert Stadler began working for AUDI in 1990 and has worked for the Volkswagen Group ever since. He joined the board of management of AUDI AG on 1 January 2003 and was made chairman on 1 January 2007. He was also appointed to the board of management of Volkswagen AG on 1 January 2010. -
Early this morning, German authorities arrested Audi CEO Rupert Stadler at his home in Ingolstadt. Prosecutors said in a statement that Stadler's arrest is due to concerns about evidence tampering. “There were clear signs that there was to be an effort to influence people and other suspects. Therefore we issued an immediate arrest warrant,” Stephan Necknig, a spokesman for the Munich prosecutor’s office to German Tabloid Bild. The arrest of Stadler comes a week after prosecutors accused him of fraud and false advertising. Stadler and Audi's head of procurement, Bernd Martens had their homes raided by prosecutors this past week as well. According to Bloomberg, Stadler is willing to be questioned later this week and his lawyers aren't challenging the arrest at the moment. The New York Times reports that Volkswagen's supervisory board has been holding meetings today to decide on an interim replacement for Stadler. In a statement, Audi said "For Mr. Stadler, the presumption of innocence continues to apply." Stadler becomes the highest-profile employee at the Volkswagen group to be arrested in connection to the diesel emission scandal. Source: Bloomberg (Subscription Required), New York Times, Reuters View full article -
Early this morning, German authorities arrested Audi CEO Rupert Stadler at his home in Ingolstadt. Prosecutors said in a statement that Stadler's arrest is due to concerns about evidence tampering. “There were clear signs that there was to be an effort to influence people and other suspects. Therefore we issued an immediate arrest warrant,” Stephan Necknig, a spokesman for the Munich prosecutor’s office to German Tabloid Bild. The arrest of Stadler comes a week after prosecutors accused him of fraud and false advertising. Stadler and Audi's head of procurement, Bernd Martens had their homes raided by prosecutors this past week as well. According to Bloomberg, Stadler is willing to be questioned later this week and his lawyers aren't challenging the arrest at the moment. The New York Times reports that Volkswagen's supervisory board has been holding meetings today to decide on an interim replacement for Stadler. In a statement, Audi said "For Mr. Stadler, the presumption of innocence continues to apply." Stadler becomes the highest-profile employee at the Volkswagen group to be arrested in connection to the diesel emission scandal. Source: Bloomberg (Subscription Required), New York Times, Reuters -
It has been a mixed few days at Audi. Last Friday, sources told Reuters that no evidence was found that Audi CEO Rupert Stadler knew about the illegal cheating software. Stadler was questioned earlier in the week by U.S. law firm Jones Day - the group brought in by Volkswagen to conduct an internal investigation. Stadler's questioning came around the same time as media reports saying that Audi was more entangled in the diesel emission scandal than previously thought. "Nothing burdensome against Stadler was found," said a source. Then on Monday, Audi's r&d head Stefan Knirsch stepped down from his post and left the company. As we reported last week , Knirsch reportedly knew about the illegal software and lied about under oath during an internal investigation. At the time, Knirsch was going to be suspended. In a statement, Audi said Knirsch would be leaving immediately. The company did not say the reason for his departure or who would take his place. Source: Reuters, 2 -
It has been a mixed few days at Audi. Last Friday, sources told Reuters that no evidence was found that Audi CEO Rupert Stadler knew about the illegal cheating software. Stadler was questioned earlier in the week by U.S. law firm Jones Day - the group brought in by Volkswagen to conduct an internal investigation. Stadler's questioning came around the same time as media reports saying that Audi was more entangled in the diesel emission scandal than previously thought. "Nothing burdensome against Stadler was found," said a source. Then on Monday, Audi's r&d head Stefan Knirsch stepped down from his post and left the company. As we reported last week , Knirsch reportedly knew about the illegal software and lied about under oath during an internal investigation. At the time, Knirsch was going to be suspended. In a statement, Audi said Knirsch would be leaving immediately. The company did not say the reason for his departure or who would take his place. Source: Reuters, 2 View full article
