GERMANY: The Troubled Giant

The worst-kept secret in Germany was that the country's highest-paid manager would soon be out of a job. For months, German newspapers have been confidently predicting that the supervisory board of Volkswagen would vote this week not to renew the $180,000-a-year contract of Chairman Kurt Lotz. Recent poor earnings, a shift in the balance of power on the board and Lotz's abrasive personality had combined to make his ouster a certainty. Last week, to spare Volkswagen and himself further embarrassing publicity, Lotz, 59, quit eleven days before he was to have been fired. He is expected to be replaced...

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