Volkswagen rearranges executive positions, appointing a new head of finance.
In a recent press release, Volkswagen Group has announced a series of leadership changes within its passenger cars division.
Patrik Andreas Mayer, who started his career at VW in 1997, has been appointed as the Chief Financial Officer (CFO) for the segment since October 2022, according to his LinkedIn profile. His significant contributions to the structured and successful launch of the performance program have not gone unnoticed. Thomas Schäfer, CEO of Volkswagen Passenger Cars, praised Mayer's work.
However, the transition of roles will take effect on Oct. 1, 2023. David Powels, who has held the EVP position at Volkswagen since September 2021, will take on the role of CFO, replacing Mayer.
Wayne Griffiths, CEO of SEAT and CUPRA, emphasised the importance of experienced and qualified leaders like Mayer for sustainable profitability.
The operating loss for the first half of 2024 includes 1 billion euros in restructuring costs for the passenger cars division. This loss comes amidst headwinds in Europe, which are reportedly contributing to potential plant closures in Germany. 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.
In the midst of these challenges, Markus Haupt has taken over the role of interim CEO of both SEAT and CUPRA. This position is currently active as of the events around IAA Mobility 2025 in September 2025.
Patrik Andreas Mayer will be moving on to a new role within the Group. He will become EVP for finance and IT at SEAT S.A and serve on the executive committee, replacing David Powels. No new information about the transition date was provided in this paragraph.
The changes in leadership come as the Volkswagen Group reported an operating loss of 10.1 billion euros in the first half of 2024. Media outlets report that these changes are part of Volkswagen's efforts to streamline operations and improve profitability.
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