Volkswagen AG's U.S. Chief Executive Officer Jonathan Browning has left the company for personal reasons and is to be replaced by 51-year-old Michael Horn, the company announced from its Wolfsburg, Germany headquarters on Thursday.Browning, 54, a former executive at General Motors Co and Ford Motor Co, had been with VW since 2010. Volkswagen said on Thursday that Browning will return to Britain, where he is from.While Volkswagen said that Browning is leaving for personal reasons, several sources with knowledge of the situation said it was his inability to keep VW on pace to meet aggressive U.S. sales targets that caused his departure.Having been sales executive for GM in Europe and managing director of Jaguar when it was owned by Ford left Browning ill-prepared for the inner workings of VW in Wolfsburg, a source said. Browning didn't always have the right telephone numbers for calling company headquarters, the source said.
Ford Motor Company (Ford) is a producer of automobiles. Shares of F fell by 0.12% or $-0.02/share to $16.39. In the past year, the shares have traded as low as $11.03 and as high as $18.02. On average, 35777600 shares of F exchange hands on a given day and today's volume is recorded at 30710368.
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