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AMSTERDAM (Reuters) – Airbus nominated a new German chairman on Wednesday as Frenchman Guillaume Faury prepared to become its chief executive, signaling that the Franco-German balance at its helm will extend through a sweeping management overhaul robinsons cufflinks. Europe’s largest aerospace company said it would propose former Deutsche Telekom chief Rene Obermann as chairman from 2020, completing the shift to what current chairman Denis Ranque called a “new generation of management”. Obermann, a managing director of private equity firm Warburg Pincus, had been seen as a German favorite to succeed Ranque, who had already announced plans to retire next year..
Airbus, which is facing multi-national investigations for suspected bribery, changed its rules in 2013 to become more independent of French and German governments, which each hold 11 percent of its shares robinsons cufflinks. But senior appointments remain sensitive as it continues to carry the scars of previous power struggles, and people close to the company said the decision to announce Ranque’s successor a year early would send a message to Berlin that an effective bi-national balance would be maintained..
Airbus is in the midst of a board-led clearout to present a new face in any bribery settlement negotiations – a subject that has also threatened Franco-German discord robinsons cufflinks. Obermann ran Deutsche Telekom from 2006 until 2013, and will be remembered for his attempt to sell T-Mobile US to AT&T, which ultimately failed but netted Deutsche Telekom a break fee of $6 billion. The announcement of his appointment came as German Tom Enders prepared to step down as chief executive to be succeeded by current jetmaking division chief Faury..
Airbus said it was cutting the amount paid to future chief executives in the event of contract termination to a year’s salary and bonus from 18 months and capping possible non-compete clauses to one year. Enders’ nearly 40 million euro retirement package – including a 3.2 million euro non-compete clause valid for at least a year – has triggered a row in France robinsons cufflinks. Enders did not receive a termination payment because he is retiring at the end of his second mandate as CEO, but the size of his pension pot has been criticized by the French government and could create pressure in France for more regulation..
WASHINGTON (Reuters) – A bipartisan group of U.S. lawmakers introduced legislation on Wednesday to expand the electric vehicle tax credit by 400,000 vehicles per manufacturer, a provision that would give a boost to Tesla Inc and General Motors Co before the existing credit comes to an end for them robinsons cufflinks. The bill is sponsored by Democratic Senators Debbie Stabenow and Gary Peters, Republican Senators Lamar Alexander and Susan Collins and Democratic Representative Dan Kildee. The bill could lift electric vehicle sales in a boost for automakers that have committed tens of billions of dollars toward meeting global emissions requirements..