Volkswagen Group announced Monday that two of its executives will swap positions as it looks to strengthen its financial position, according to a press release.
Patrik Andreas Mayer will become EVP for finance and IT at SEAT S.A and serve on the executive committee, taking over for David Powels. Powels, meanwhile, will take on Mayer’s role of CFO for Volkswagen Passenger Cars. The transition takes effect on Oct. 1.
“As CFO of the Volkswagen brand, Patrik Mayer has made a significant contribution to the structured and successful launch of the performance program,” said Thomas Schäfer, CEO of Volkswagen Passenger Cars, in the release. “David Powel will build on this. And at the same time — under even more difficult conditions — provide impetus for competitive costs and structures.”
Mayer, who began his career at VW in 1997, has been CFO for the company’s passenger cars segment since October 2022, according to his LinkedIn profile. Powels, a 30-year-plus VW veteran, has held the EVP position since September 2021.
In the release, Wayne Griffiths, CEO of SEAT and CUPRA, said Powels helped the company achieve its best financial results to date, but added that “experienced and qualified leaders like Patrik Mayer” are essential for sustainable profitability.
Volkswagen Group reported an operating loss of 10.1 billion euros in the first half of 2024, including 1 billion euros in restructuring costs for the passenger cars division.
Additionally, the automaker is weighing plant closures in Germany, according to multiple media outlets, citing headwinds in Europe. Production in Germany fell to 2.1 million units in H1, a 6% year-over-year decrease, and passenger car exports dropped to 1.6 million units.
