If you hadn’t already shorted your VW stocks after the diesel scandal last year, now would be the best time to do so: VW just lost the only person who was doing everything right in the aftermath of the scandal. In his position as VW of America president, Michael Horn was popular among the plagued dealers for his straight talk, apologetic to the public and influential enough at the German headquarters to push for the right products. But last week VW issued a statement that Horn, is departing “by mutual agreement” to pursue other interests, effective immediately. Such a sudden departure by someone who has worked for the company for more than 25 years, this statements sounds like a euphemism for “he didn’t do what the company wanted him to do, so we fired him”. Update: according to Reuters, VW offered Horn “other positions within the company”, which he declined. In other words, VW of Siberia is still looking for a new Product Manager Eos and Golf cabriolet. Horn’s departure is very bad news for a company that desperately needs a person who was doing exactly those the things he was known for during the current slowdown in US sales at the Volkswagen brand and inability to reach a deal with US regulators or a technical solution to fix the illegal emissions software in about 600.000 VW Group cars.
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