VW to take $2.9 billion charge over diesel retrofit costs

Published: Friday, September 29, 2017 @ 4:14 AM
Updated: Friday, September 29, 2017 @ 4:13 AM

Volkswagen says it expects to take charges of about 2.5 billion euros ($2.9 billion) in the third quarter to cover the costs of buying back and retrofitting diesel cars in North America.

The German automaker said Friday that it is increasing provisions for a buyback and retrofitting program for 2-liter TDI vehicles that was part of settlements over its diesel emissions scandal. It said that the program "is proving to be far more technically complex and time consuming."

The company has been under a cloud since 2015 over its equipping of diesel cars with illegal software that enabled cheating on U.S. emissions tests. Volkswagen has agreed to more than $20 billion in fines and civil settlements over the scandal, and it may have additional problems on the horizon in the U.S.

German weekly Der Spiegel reported Friday that VW could face further scrutiny because it failed to properly inform U.S. regulators about changes to emissions control software in nearly one-half million cars with gas engines.

Citing an internal VW investigation, Der Spiegel reported that the software was changed in about one in five gas cars registered from 2009 to 2017. The report notes that the software wasn't used to illegally alter emission levels in tests.

Both the U.S. Environmental Protection Agency and VW's top executive in the U.S. confirmed the inquiry on Friday.

VW of America CEO Hinrich Woebcken said the company is cooperating with agencies involved. Asked if the software is another "defeat device," which could thwart emissions tests, Woebcken replied: "Not of my knowledge." He declined further comment at an event in suburban Detroit to announce a new longer warranty for VW vehicles.

The EPA said it couldn't comment due to "ongoing investigation work" and said the seriousness and outcome is not known at present.

The omission could further dent VW's image. The company is to release third-quarter earnings on Oct. 27.

Glassdoor names 50 most beloved CEOs in America

Published: Wednesday, June 08, 2016 @ 5:41 PM
Updated: Wednesday, June 08, 2016 @ 5:01 PM

H-E-B's Charles C. Butt made the list of America's 50 most beloved CEOs.
H-E-B's Charles C. Butt made the list of America's 50 most beloved CEOs.

The chiefs of Facebook, Google, Apple and Texas' beloved H-E-B all made the ranks on job site Glassdoor's list of top-rated CEOs of a large company in the U.S.

Glassdoor determined the 50 rankings by collecting anonymous employee reviews. Beating out well-known names like Facebook's Mark Zuckerberg, is Bob Bechek at No. 1. Bechek is the worldwide managing director of Bain & Company, a management consultant firm, and received a 99 percent approval rating from employees surveyed. 

Zuckerberg did make top 10 though, along with LinkedIn's Jeff Weiner, Apple's Tim Cook and Google's Sundar Pichai. A bit further down the list at No. 19 is H-E-B's CEO Charles C. Butt, who received a 95 percent approval rating. 

Satisfied employees gave reviews like "H-E-B has always been hreat with allowing Partners to have a flexible schedule" while negative reviews said the company is "very demanding" and "has you work full-time hours while keeping you on part-time status."

To see who else made the list and what employees had to say about each company, you can go here.