Volkswagen changes executive positions, appointing a new head for finance department
Volkswagen Group has announced a series of changes in executive roles as part of its efforts to strengthen its financial position. The changes, which include the appointment of David Powels as CFO for Volkswagen Passenger Cars and Patrik Mayer's move to EVP for finance and IT at SEAT S.A., were announced in a press release.
David Powels, who has held the EVP position at Volkswagen since September 2021, will take on his new role on Oct. 1. Patrik Mayer, who has been CFO for Volkswagen's passenger cars segment since October 2022, will be leaving the company to take up his new position at SEAT S.A.
Thomas Schäfer, CEO of Volkswagen Passenger Cars, praised Mayer's contributions to the company, stating that he had made significant contributions to the company's financial performance. Wayne Griffiths, CEO of SEAT and CUPRA, similarly praised Powels' contributions to the company, highlighting the importance of experienced and qualified leaders like Mayer for sustainable profitability.
The changes come as Volkswagen Group has reported headwinds in Europe, with production in Germany falling to 2.1 million units in H1, a 6% year-over-year decrease. Passenger car exports also dropped to 1.6 million units, and the company reported an operating loss of 10.1 billion euros in the first half of 2024, including 1 billion euros in restructuring costs for the passenger cars division.
As a result, Volkswagen Group is considering plant closures in Germany, according to multiple news outlets. The company has not yet confirmed any specific plans, but the moves are seen as part of a broader effort to streamline operations and improve profitability.
Patrik Mayer began his career at VW in 1997, and his move to SEAT S.A. marks a new chapter in his career with the company. David Powels, meanwhile, will take on the challenge of leading Volkswagen Passenger Cars' finance and IT functions at a critical time for the company.
Oliver Blume, who took over the position of EVP for Finance and IT at SEAT S.A. from October 1, 20XX, gave up his role as CEO of Volkswagen Passenger Cars to make way for Powels. Blume's new role at SEAT S.A. will see him working closely with Mayer to drive the company's financial and IT strategies forward.
The changes in executive roles are a clear signal of Volkswagen Group's commitment to strengthening its financial position and positioning itself for long-term success. As the company navigates challenging market conditions, the new leadership team will be crucial in driving the company forward and ensuring its continued growth and profitability.
