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Volkswagen Group of America Announces Hardy Brennecke as New CFO
Volkswagen Group of America (VWGoA) today announced the appointment of Hardy Brennecke (38) to the position of Executive Vice President and Chief Financial Officer effective August 1, reporting to Jonathan Browning, President and CEO.
In this position, Brennecke will play a critical role in developing and implementing the financial strategy for Volkswagen Group of America. The financial functions of VW and Audi Brand Controlling, Group Controlling, Treasury, Purchasing for the National Sales Company and Tax will report to Brennecke. As a member of the Group senior leadership team, he will ensure that VWGoA financial plans and economic modeling meets sales, marketing and profitability objectives.
“Hardy certainly brings a wealth of financial experience to our team here in the US,” said Browning. “With his extensive experience in Wolfsburg, he also brings the very needed element of having established strong networks at the Headquarters, which are critical in communicating our progress, and future opportunities at the appropriate times.
We welcome Hardy and look forward to his active participation in continuing to support our growth plans here in the US.”
Brennecke joined the Volkswagen Group Financial Services in November of 2000 where he held positions of increasing responsibility in Controlling, Treasury, and Strategy Planning. In December 2008, he moved to the Volkswagen Brand, leading Sales Controlling for VW Light Commercial Vehicles based in Hanover. Most recently, Brennecke has worked on key Group projects, reporting to Hans Dieter Poetsch, Chief Financial Officer of Volkswagen AG based in Wolfsburg.
Brennecke replaces Michael Lohscheller who recently announced he was leaving the company.
Volkswagen Group of America Announces Hardy Brennecke as New CFO Wednesday, July 18 2012, 09:04 AM EDT
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SEOUL, South Korea (AP) -- Japan's Nikkei 225 stock average surged 5 percent and the yen slid against the dollar after the Bank of Japan unexpectedly announced new stimulus to boost a flagging economic recovery.
Other Asian stock markets were also higher after the Japanese central bank's announcement Friday. The dollar rose 1.2 percent to 110.64 yen.
The bank said it would increase its asset purchases by between 10 trillion yen and 20 trillion yen ($90.7 billion to $181.3 billion) to about 80 trillion yen ($725 billion) annually.
The Nikkei was up 4.6 percent at 16,380.11 after shedding some of its initial gains. Hong Kong's Hang Seng rose 1.2 percent and Seoul's Kospi was up 0.1 percent.
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Today. the Commerce Department will release its September report on consumer spending, which accounts for 70 percent of economic activity in the U.S.
Also, the University of Michigan will issue its monthly index of consumer sentiment for October. In September, the index reached its highest level since July 2013, led by greater optimism that the economy will grow and incomes will rise.
The Labor Department will also release the third-quarter employment cost index.
Before the market opens, Exxon Mobil will report its quarterly financial results.
NEW YORK (AP) -- Citigroup is slashing its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.
The New York-based bank on Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.
The bank's operating expenses rose from $12.36 billion to about $13 billion.
The company said in a statement the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."
Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. The results exceeded Wall Street estimates.
Like other major banks, Citigroup has been the target of lawsuits and government investigations for its role in the mortgage meltdown that helped spur the financial crisis of 2008.
SURGICAL GOWNS LAWSUIT
LOS ANGELES (AP) -- A lawsuit says Kimberly-Clark Corp. falsely claimed its surgical gowns met the highest standards for protecting against Ebola and other infectious diseases.
Lead attorney Michael Avenatti says the Texas hospital where two nurses contracted Ebola used to stock the gowns but it's not clear if the nurses had used them.
The $500 million fraud suit was filed Wednesday in federal court in Los Angeles on behalf of a surgeon who wore the gowns.
The lawsuit says Kimberly-Clark knew for a year that the gowns failed industry tests and allowed the transfer of bodily fluids, bacteria and viruses, but the company still promoted them as having the highest level of impermeability.
The maker of Kleenex and other consumer products says it doesn't comment on lawsuits but stands behind its products' safety.
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