In a statement, Volkswagen announced that David Powels, Chief Financial Officer (CFO) of Volkswagen's Spanish subsidiary SEAT, will swap positions with Patrik Andreas Mayer, CFO of the Volkswagen brand. This change aims to inject new urgency and momentum into Volkswagen's cost-cutting plans.
Thomas Schaefer, CEO of the Volkswagen brand, said in the statement: "David Powels will set competitive costs and structures for the Volkswagen brand under more challenging conditions, and enhance synergies among Volkswagen Group's core brands, including Volkswagen Passenger Cars, Škoda, SEAT/CUPRA, and Volkswagen Commercial Vehicles."
Wayne Griffiths, CEO of SEAT and CUPRA, added: "David Powels has made a crucial contribution to the transformation of SEAT and CUPRA, helping us achieve the best financial results in our history. He played a key role in restoring the company's profitability. At the same time, we warmly welcome the experienced and outstanding leader Patrik Andreas Mayer to join us and continue our journey toward sustainable profitability."
Patrik Andreas Mayer began his career at Volkswagen in 1997 as an international trainee. In 2001, he became the head of investment control for the Volkswagen Passenger Car brand. He has since held various management positions within the Volkswagen Group, including Head of Business Development, Head of Finance at Volkswagen's Navarra plant, and Executive Vice President of Finance and Information Technology at Volkswagen Group of America. In 2014, he was appointed Head of Control at the Kassel automotive components plant, and in 2016, he became the CFO of Volkswagen Group Russia. Since October 1, 2022, he has served as a member of the Volkswagen brand's management board responsible for finance.
David Powels began his career at Volkswagen South Africa in 1989. After working in Germany and Brazil, he was appointed CEO of Volkswagen Group South Africa in 2007. He later became President and CEO of Volkswagen Brazil and Volkswagen South America. Since late 2017, he served as the First Vice President and Executive Vice President of SAIC Volkswagen, responsible for the commercial sector. On September 1, 2021, David Powels became a member of SEAT's board, overseeing finance and information technology.
This leadership change comes at a time when Volkswagen is considering the possibility of closing factories in Germany for the first time due to the shrinking European car market and increasing competition. Additionally, the Volkswagen brand has struggled to keep pace with the €10 billion (approximately $11 billion) cost-cutting plan launched by the company in December last year. Volkswagen's management stated that the plan's implementation has fallen short of expectations, casting doubt on the goal of raising the brand's operating profit margin to 6.5% by 2026.
