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Management Changes at Volkswagen Chattanooga
After successfully completing its ramp up, the Volkswagen plant in Chattanooga has passed the landmark of 3,000 employees and continues to hire local talents. At the same time, several foreign service employees will leave Chattanooga for new assignments and hand over responsibilities to locally developed successors. In addition, a major management reshuffle will become effective by July 1st.
At the top management level Don Jackson will leave his position as president of manufacturing of Volkswagen Group of America. He said: “The ramp up of our plant is completed and I know that the local team has the skill to improve our new plant to the next level. I am proud to have helped create new jobs in North America and develop people. After the fourth ramp up of a car plant it is the right moment now to take a break and then pass on my experiences to regional business to help rebuild America’s manufacturing base.” Frank Fischer, CEO and Chairman of Volkswagen Group of America, Chattanooga Operations, thanked him:” Don’s experience and advice was a crucial factor for the successful ramp up of the plant and the development of a local leadership team. We thank him for his support, will stay in touch and wish him the very best for his plans here in Chattanooga”. Don Jackson’s responsibilities will be taken over by Frank Fischer on an acting basis, until a successor is named.
Among other management changes Lothar Grensemann, general manager for the paint shop, will leave for the partner plant in Emden, Germany, and be succeeded by Dean Parker. Fernando Ribiero, general manager for controlling, will leave for Mexico and be succeeded by Tom Miller. On all levels, this summer more than thirty foreign service employees are taking new assignments worldwide.
Frank Fischer said: “They had a very challenging job in managing the successful completion and ramp up of the new plant and building the new team. We thank them for their outstanding performance and wish them all the best for their future career.”
At the same time I am very proud of our new local managers who have developed within the company the last years. They will be crucial for our future success in Chattanooga.”
More Business News
Last Update on August 27, 2014 17:13 GMT
WASHINGTON (AP) -- The Congressional Budget Office is forecasting that the U.S. economy will grow by just 1.5 percent in 2014, undermined by a poor performance during the first three months of the year.
The new assessment was considerably more pessimistic than that of the Obama administration, which predicted last month that the economy would expand by 2.6 percent this year even though it contracted by an annual rate of 2.1 percent in the first quarter.
The economy did grow by 0.9 percent during the first half of 2014.
Looking ahead, the CBO said it expects the economy to grow by 3.4 percent over 2015 and 2016, and predicted that the unemployment rate would remain below 6 percent into the future.
WASHINGTON (AP) -- Financial firms that sell securities backed by loans, like the kind that fueled the 2008 financial crisis, will have to give investors details on borrowers' credit record and income under action taken Wednesday by federal regulators.
The Securities and Exchange Commission adopted the rules for securities linked to mortgages and auto loans on a 5-0 vote.
The commissioners also voted, 3-2, to impose conflict-of-interest rules on the agencies that rate the debt of companies, governments and issues of securities.
Home mortgages bundled into securities and sold on Wall Street soured after the housing bubble burst in 2007, losing billions in value. The vast sales of risky securities ignited the crisis that plunged the economy into the deepest recession since the Great Depression and brought a taxpayer bailout of banks.
PARIS (AP) -- IMF chief Christine Lagarde has been put under official investigation for negligence in a French corruption probe that dates back to her days as France's finance minister.
After a fourth round of questioning before magistrates today, Lagarde said she would return to her work in Washington later in the day and said in a statement the investigation was "without basis." She is the third IMF managing director in a decade to face legal troubles.
Lagarde and her former chief of staff face questions about their role in a 400 million-euro ($531 million) payment to a businessman with a checkered past.
Under French law, the official investigation is equivalent to preliminary charges, meaning there is reason to suspect an infraction. Investigating judges can later drop a case or issue formal charges and send it to trial.
WASHINGTON (AP) -- The Treasury Department has sanctioned a leader and a financial network used by a Pakistan-based terrorist group blamed for the 2008 attack in Mumbai, India that killed 166 people.
Treasury sanctioned Muhammad Iqbal and Asma Money Exchangers for their suspected ties to Lashkar-e-Taiba (LAHSH'-kahr ee TOY'-buh). David Cohen, undersecretary for terrorism and financial intelligence, said Iqbal uses his business to conduct financial transactions on behalf of the terrorist organization and its affiliates.
Lashkar-e-Taiba, a well-organized group based in Pakistan's Punjab province, also is suspected of having historical ties to Pakistani intelligence.
The action freezes any assets they might have in U.S. jurisdiction and bans U.S. citizens from doing business with them.
GENERAL MOTORS-TENNESSEE FACTORY
SPRING HILL, Tenn. (AP) -- General Motors is moving production of the next-generation Cadillac SRX crossover SUV from Mexico to a factory in Spring Hill, Tennessee.
The company also announced that it will add production of some small gasoline engines to the Spring Hill complex.
The additions will bring more jobs to Spring Hill, but a spokesman wouldn't give specifics on how many would be added to the sprawling former Saturn facility about 40 miles south of Nashville.
The complex now employs just over 2,300 workers, including hourly and salaried employees and those who work for parts supply companies.
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