Click it and Unblock the Notifications
Volkswagen And SEAT Announce Executive Changes In Finance Department
Patrik Andreas Mayer will assume the role of Executive Vice-President for Finance and IT at SEAT S.A. starting October 1, 2024. This change also sees David Powels taking over Mayer's previous responsibilities as Chief Financial Officer of the Volkswagen Passenger Cars brand.
Thomas Schäfer, a member of the Board of Management of Volkswagen AG, commented on the transition: "In these times, the finance department is undoubtedly of great importance. As CFO of the Volkswagen brand, Patrik Mayer has made a significant contribution to the structured and successful launch of the performance program. David Powel will build on this. And at the same time - under even more difficult conditions - provide impetus for competitive costs and structures. It is also about leveraging the synergies within the Brand Group Core with the utmost consistency."
Wayne Griffiths, CEO of SEAT and CUPRA, praised Powels' contributions: "David's contribution has been crucial to the transformation of our company and has helped us achieve our best financial results to date. His role in returning SEAT S.A. to profitability has been key to the growth of our company. I thank him for the support he has given me and SEAT S.A. and I am convinced that he will continue to do a great job as he joins the Board of the Volkswagen brand and we count on his support in the implementation of the SEAT and CUPRA strategy."
Mayer was born in Heilbronn in 1970 and studied mechanical and industrial engineering at KIT (Karlsruhe Institute of Technology), Coventry University, and École Nationale Supérieure d'Arts et Métiers in Paris. He also holds an MBA from Henley Management College in the UK.
Mayer began his career with Volkswagen Group in 1997 as an international trainee in Wolfsburg. By 2001, he was Head of Investment Controlling at Volkswagen Passenger Cars brand, followed by various management roles including Director of Finance at Volkswagen Navarra.
In 2014, Mayer took charge of Controlling at Kassel's components plant before becoming CFO on Volkswagen Group Russia's Board in 2016. Since October 1, 2022, he has served on Volkswagen brand's Board with responsibility for Finance.
David Powels' Career Journey
David Powels graduated from Nelson Mandela University with a Commerce degree and qualified as a Chartered Accountant in South Africa. He furthered his education with a postgraduate degree in Management Development from the University of Cape Town.
Powels joined Volkswagen South Africa in 1989, later working in Germany and Brazil before becoming CEO of Volkswagen Group South Africa in 2007. He then led as President and CEO for both Volkswagen Brazil and Region South America.
Since late 2017, Powels held positions including First Vice-President and Executive Vice-President for Commercial at SAIC Volkswagen Automotive Co. in China before becoming Executive Vice-President for Finance and IT at SEAT S.A. on September 1, 2021.
The Role of Brand Group Core
The Brand Group Core comprises around 200,000 employees across sister brands like Volkswagen, Škoda, SEAT/CUPRA, and VW Commercial Vehicles working together at 21 plants. Their collaboration aims to enhance efficiency through standardized processes and joint resource utilization.
This synergy allows these brands to improve overall efficiency significantly while focusing on developing top-tier products sustainably within their market segments.
Volkswagen Group Overview
The Volkswagen Group is one of the world's leading car manufacturers headquartered in Wolfsburg, Germany. It operates globally with production facilities across Europe, Americas, Asia, and Africa employing around 684,000 people worldwide.
In 2023 alone, they delivered approximately 9.2 million vehicles globally compared to 8.3 million units in 2022. The group's sales revenue reached EUR 322.3 billion last year up from EUR 279.1 billion previously recorded.
The operating result before special items amounted to EUR 22.6 billion compared to EUR 22.5 billion from prior years showcasing their strong financial performance amidst challenging market conditions.
The leadership changes mark a significant step towards maintaining sustainable profitability while leveraging synergies within their core brands ensuring continued growth for both SEAT S.A., CUPRA alongside other entities under their umbrella.
Continue with Google