Personnel - VW extends contract with brand boss Schäfer until 2030
Thomas Schäfer will remain CEO of the Wolfsburg core brand VW until 2030. The Supervisory Board has extended his contract accordingly, a spokesperson told the German Press Agency in response to an inquiry from the German Press Agency. His previous three-year contract was set to expire in mid-2025. His new contract now runs for five years. Previously, the NDR had reported on this.
Schäfer came to the helm of the loss-making core brand in the middle of 2022. With an efficiency program, he has been trying to reduce costs ever since. New electric entry models like the planned ID.2all for 2026 are also intended to attract new customer segments. Schäfer was previously CEO of the Czech subsidiary Škoda.
Thomas Schäfer leads the prominent automotive company VW, specifically its core brand situated in Wolfsburg, which is situated in the German state of Lower Saxony. His tenure as CEO has been extended until 2030, as confirmed by the Supervisory Board. Schäfer has been instrumental in driving cost reduction initiatives and is also working on introducing new electric entry models, like the ID.2all, planned for 2026, as part of his strategy to attract new customer segments in the global automotive industry.
