Volkswagen CFO Frank Witter to Step Down in June 2021, Sources Say
February 20 2020 - 8:54AM
Dow Jones News
By William Boston
BERLIN--Volkswagen AG Chief Finance Officer Frank Witter has
rejected an offer to extend his contract for another five years,
and informed the company's directors that he will step down in June
2021, according to people familiar with the situation.
Mr. Witter, who is 60 years old, was appointed finance chief in
October 2015 and his current contract is set to expire in October.
According to people familiar with the situation, he has agreed to a
nine-month extension of his contract to June next year, when he
plans to step down for personal reasons.
He became finance chief just weeks after Volkswagen was charged
by U.S. authorities with defrauding U.S. customers and the
government by rigging diesel-powered vehicles to cheat emissions
tests. He has stewarded Volkswagen's finances at a time when the
company accrued more than $30 billion in fines, penalties, and
compensation to consumers after admitting to rigging nearly 11
million vehicles world-wide with illegal emissions software.
Mr. Witter agreed to a brief extension of his contract to give
Volkswagen more time to find a suitable replacement, the people
said.
The news was first reported by Germany's business monthly
Manager Magazin.
Write to William Boston at William.Boston@wsj.com
(END) Dow Jones Newswires
February 20, 2020 08:39 ET (13:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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