Volkwagen CFO Frank Witter's quest to repair relationship with investors hits snag with SEC lawsuit
Volkswagen CFO Frank Witter in 2018. Photo: omer messinger/epa-efe/rex/shutt/EPA/Shutterstock By Nina Trentmann and Tatyana Shumsky March 15, 2019 6:09 p.m. ET The Securities and Exchange Commission’s charges against Volkswagen AG dealt a blow to the efforts of its finance chief in his yearslong quest to engage with investors to rebuild trust in the company.
Chief Financial Officer Frank Witter, in an email on Friday, said he is in regular contact with investors and that the company’s recent debt sales show Volkswagen has progressed in regaining “the trust of capital markets.” He added that the company’s recent bond sales have been oversubscribed. He cited the company’s decision this week to delay the initial public offering of its Traton truck division, and its annual results presentation and capital markets day, during which the company reported weaker profits and announced layoffs as a result of its shift to more electric car production.
The finance chief must now assess the potential cost of this latest lawsuit. This includes deciding how to calculate any damage to investors and how to make them whole, as well as measuring how this latest development will impact Volkswagen’s ability to sell new securities to investors, Mr. Bible said.
The auto maker regularly taps the bond market, raising between €30 billion and €40 billion each year, and expects to continue doing so, a company spokesman said via email.
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