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Management Changes at Volkswagen Chattanooga
After successfully completing its ramp up, the Volkswagen plant in Chattanooga has passed the landmark of 3,000 employees and continues to hire local talents. At the same time, several foreign service employees will leave Chattanooga for new assignments and hand over responsibilities to locally developed successors. In addition, a major management reshuffle will become effective by July 1st.
At the top management level Don Jackson will leave his position as president of manufacturing of Volkswagen Group of America. He said: “The ramp up of our plant is completed and I know that the local team has the skill to improve our new plant to the next level. I am proud to have helped create new jobs in North America and develop people. After the fourth ramp up of a car plant it is the right moment now to take a break and then pass on my experiences to regional business to help rebuild America’s manufacturing base.” Frank Fischer, CEO and Chairman of Volkswagen Group of America, Chattanooga Operations, thanked him:” Don’s experience and advice was a crucial factor for the successful ramp up of the plant and the development of a local leadership team. We thank him for his support, will stay in touch and wish him the very best for his plans here in Chattanooga”. Don Jackson’s responsibilities will be taken over by Frank Fischer on an acting basis, until a successor is named.
Among other management changes Lothar Grensemann, general manager for the paint shop, will leave for the partner plant in Emden, Germany, and be succeeded by Dean Parker. Fernando Ribiero, general manager for controlling, will leave for Mexico and be succeeded by Tom Miller. On all levels, this summer more than thirty foreign service employees are taking new assignments worldwide.
Frank Fischer said: “They had a very challenging job in managing the successful completion and ramp up of the new plant and building the new team. We thank them for their outstanding performance and wish them all the best for their future career.”
At the same time I am very proud of our new local managers who have developed within the company the last years. They will be crucial for our future success in Chattanooga.”
More Business News
Last Update on April 17, 2014 07:32 GMT
HONG KONG (AP) -- Asian stock markets were mostly lower today, with Japan's Nikkei leading the retreat as investors locked in profits after a strong rally.
Profit taking set in following a sharp rise in Tokyo the day before and as comments from the country's central bank governor left investors unimpressed.
Other regional benchmarks were unable to find direction in spite of optimism in the U.S., where major benchmarks closed at least 1 percent higher, and Federal Reserve Chair Janet Yellen said the central bank would continue to provide stimulus for the job market.
Trading in some markets such as Hong Kong and Australia was subdued ahead of a long weekend.
Benchmark crude oil rose above $104 a barrel.
The dollar slipped against the euro and the yen.
ECONOMY-THE DAY AHEAD
Major business and economic reports scheduled today
WASHINGTON -- Investors today will be taking a close look at the government's weekly jobless claims report.
Also due out is Freddie Mac's weekly mortgage rate report.
There are a slew of companies set to report their quarterly financial results today. All results will be released before the bell.
Among the major companies reporting are industrial giants DuPont and General Electric.
Two big investment banks, Goldman Sachs; and Morgan Stanley, will report earnings.
Also set to release quarterly results today are PepsiCo, Philip Morris International, Union Pacific, Mattel, UnitedHealth and Chipotle Mexican Grill.
ALBANY, N.Y. (AP) -- An official familiar with the investigation says the New York Attorney General's Office has issued subpoenas to six firms and sent a letter to another for details about split-second stock trading and any unfair advantages.
The official tells The Associated Press the subpoenas went last week to trading firms including Chicago-based Jump Trading LLC and Chopper Trading LLC and Tower Research Capital in New York. The official spoke on condition of anonymity because he wasn't authorized to publicly discuss the subpoenas.
Attorney General Eric Schneiderman has said advantages in computer hardware and placement enable some traders to get millisecond timing advances on trades.
His office, with New York authority to investigate securities fraud, is seeking details about trading strategies and special arrangements with trading venues.
LOS ANGELES (AP) -- A man will plead guilty to securities fraud and pay regulators around $801,000 for using insider information to profit from Disney's $4 billion acquisition of Marvel Entertainment in 2009.
According to the deal filed in Los Angeles federal court Wednesday, Toby Scammell learned from his then-girlfriend, a Disney corporate strategy employee, that Disney would acquire a well-known company she didn't name.
Scammell learned from his consulting company that Disney had previously wanted to acquire Marvel. He bought call options in Marvel stock for around $5,500, and later sold them for $192,000 in profit.
Last month, Scammell agreed to settle a parallel civil case and pay $801,000 to the Securities and Exchange Commission, which will be credited to his fine in the criminal case. He also faces prison time.
WASHINGTON (AP) -- The fight over whether workers at a Volkswagen plant in Tennessee can unionize is moving to Washington.
Two House Democrats said Wednesday they will investigate whether Republicans in that state may have violated "or otherwise run afoul" of any federal laws ahead of a February vote in which workers narrowly opted against joining the United Auto Workers.
Congressmen George Miller of California and John Tierney of Massachusetts say they want to know if any Tennessee Republicans attached any inappropriate strings to the state's $300 million incentive package to get VW to expand the Chattanooga plant.
The union claims the election was tainted by Republicans including U.S. Sen. Bob Corker.
Corker and others have denied doing anything inappropriate.
A hearing on the UAW's complaint is set for Monday in Chattanooga.
SAN FRANCISCO (AP) -- Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job.
The disclosure in a regulatory filing may lead to more second-guessing of Yahoo CEO Marissa Mayer's decision to hire de Castro as her second-in-command in October 2012.
Mayer dumped de Castro in January after concluding he wasn't executing on her plan for reviving Yahoo's lackluster ad growth. De Castro had been in charge of ad sales.
Yahoo Inc. previously disclosed de Castro would be getting a severance package, but didn't reveal the amount until Wednesday.
The company's board said most of the severance stemmed from the costs of luring de Castro from his previous job at Google Inc.
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