© Reuters. Volkswagen investors return to criticizing CEO’s dual roles
By Michael Elkins
Volkswagen (ETR:) investors return to criticizing CEO Oliver Blume’s dual roles on Friday even after the company approved a roughly €9.6 billion (€1 = $1.06) special dividend following the listing of Porsche AG.
Blume became CEO of the company in September but has continued as CEO of luxury brand Porsche even after its listing, prompting concerns among some investors about the pressures on his time and potential conflicts of interest.
At a shareholder meeting to approve the special dividend, Blume said Volkswagen was performing well in hard times, with his first 100 days spent on tasks such as reshuffling senior roles, defining its strategy for China and North America, and revising its software and platform strategy.
Shareholders voted in favor of the special dividend on Friday, with 99.9% of votes.
“We don’t want a part-time CEO – neither at the mother, nor the daughter company,” Hendrik Schmidt of DWS, which holds 2% of Volkswagen stock according to Eikon data, said.
“You are constantly putting on different hats. It is hard for us to believe that this works at board meetings,” said SdK representative Mark Liebscher.
Responding to the shareholders on Friday, Blume defended his position. “I will keep both roles long-term,” he said.
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