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June 15, 2018, 5:22 a.m. EDT

Volkswagen truck unit names new CFO

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By Max Bernhard

Volkswagen AG's (VOW.XE) truck and bus unit said Friday that it has appointed its head of corporate development, strategy and M&A, Christian Schulz, as its new finance chief, ahead of a potential initial public offering and acquisition.

Mr. Schulz, a former Daimler AG (DAI.XE) manager, replaces Matthias Gruendler, who left the company last month.

The decision comes at a time when the unit is getting ready for a potential IPO and speculation that it could launch a full takeover of U.S. truck maker Navistar International Corp. /zigman2/quotes/202415816/composite NAV -1.97% , in which it already holds a stake of nearly 17%.

Mr. Schulz played a crucial role in advancing the unit's partnership with Navistar and Japan's Hino Motors Ltd and has also been responsible for getting the unit ready for a potential listing, Volkswagen Truck & Bus said.

Mr. Schulz joined Volkswagen Truck & Bus in January 2017. He previously oversaw controlling operations at Daimler's Mercedes-Benz.

/zigman2/quotes/202415816/composite
US : U.S.: NYSE
$ 35.81
-0.72 -1.97%
Volume: 1.29M
Feb. 27, 2020 6:30p
P/E Ratio
16.16
Dividend Yield
N/A
Market Cap
$3.63 billion
Rev. per Employee
$769,857
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