Rupert Stadler is Out As Audi CEO

Yesterday, Volkswagen terminated the contract of Audi CEO Rupert Stadler. Since June, Stadler has been in prison due to possible  evidence tampering concerning the diesel emission scandal. As we reported last week, Volkswagen's supervisory board was expected to make a decision on Stadler's future, but couldn't come to an agreement.

"Mr. Stadler is leaving the companies with immediate effect and will no longer work for the Volkswagen Group. Mr. Stadler is doing so because, due to his ongoing pretrial detention, he is unable to fulfil his duties as a member of the board of management and wishes to concentrate on his defence. The contractual execution depends on the course and outcome of the criminal proceedings," the company said in a statement.

The last line in the statement is very important. According to German business paper Handelsblatt, Stadler could receive up a 7 million euro ($8 million) payout if he is cleared of any involvement in the diesel emission scandal.

Source: Volkswagen, Handelsblatt

Rupert Stadler leaves Volkswagen AG and AUDI AG boards of management

The supervisory boards of Volkswagen AG and AUDI AG have today consented to the conclu-sion of an agreement with Rupert Stadler on the termination of his offices as a member of the board of management of Volkswagen AG and chairman of the board of management of AUDI AG as well as of his service agreements. Mr. Stadler is leaving the companies with immediate effect and will no longer work for the Volkswagen Group. Mr. Stadler is doing so because, due to his ongoing pretrial detention, he is unable to fulfil his duties as a member of the board of management and wishes to concentrate on his defence. The contractual execution depends on the course and outcome of the criminal proceedings.

Rupert Stadler began working for AUDI in 1990 and has worked for the Volkswagen Group ever since. He joined the board of management of AUDI AG on 1 January 2003 and was made chairman on 1 January 2007. He was also appointed to the board of management of Volkswagen AG on 1 January 2010.