Porsche and Piech families support keeping Volkswagen CEO Herbert Diess in top job – UPDATE

UPDATE, November 8: Volkswagen CEO Herbert Diess is said to have the backing of two of the Group's biggest families – despite questions being raised about his future in the company.

As reported by Reuters, the Porsche and Piech families – which control Volkswagen's biggest shareholder, Porsche – have thrown their support behind Diess amid whispers the Volkswagen board wants him out of the top job.

A spokesperson for Porsche told Reuters, "the families continue to back Mr Diess. There has been no change in their position."

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The story to here

November 6: The head of Volkswagen could be on the chopping block, with sources claiming Herbert Diess's time at the top could be ending.

Sources have told Reuters a specially convened committee involving Volkswagen board members is to discuss the future of Diess within the company, coming off the back of his pro-electric vehicle stance and longstanding friction with labour representatives.

Sources inside Volkswagen informed the publication that Diess had told the board an estimated 30,000 jobs could be at risk due to the manufacturer's push towards EVs, significantly reducing its workforce both at its headquarters in Wolfsburg and across the globe.

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Since taking the job of CEO in 2018 – the third in the role since the fallout of Dieselgate – Diess has lauded American EV specialist Tesla – praising Elon Musk and his company's efforts to bring fully-electric cars to the market, while also wanting Volkswagen to become a competitor in the segment.

Last month, a top-level Volkswagen meeting of 200 managers in Alpbach, Austria, saw Musk appear as a guest speaker – invited by Diess to help the manufacturer understand what it takes to shift to EVs.

Since Diess took the top job in 2018, Volkswagen has released its ID.3 and ID.4 electric vehicles, as well as announced the upcoming ID.5 earlier this week.

It is understood his current contract runs until October 2025.