FRANKFURT -- Volkswagen Group's series of executive shake-ups is reaching its heavy-truck division Traton, with the surprise departure of the unit’s chief raising questions about its future strategy.
Andreas Renschler will leave VW’s management board effective July 15 and be replaced by Matthias Gruendler, the former chief financial officer of the Munich-based truck unit, according to a statement Tuesday.
Traton management board member Joachim Drees, who leads the MAN trucks business, also will leave his post, as will personnel chief Carsten Intra.
Intra will replace Thomas Sedran as head of VW’s light commercial vehicles division. Sedran, a key figure behind VW’s alliance with Ford Motor, will assume responsibility for asset management at the commercial vehicles and machinery operations.
VW group has made several management changes over the past weeks amid internal tension that has risen from costly efforts to electrify its lineup while also coping with the biggest industry slump in decades.
Tesla zoomed past the industrial giant in terms of market capitalization early this year and now has more than tripled VW’s valuation despite selling a fraction as many vehicles.