(Reuters) Activist hedge fund TCI, which has called for rapid reforms at Volkswagen, said the German carmaker and its Porsche unit were the biggest drags on the fund’s flat first quarter performance, according to an investor letter. Billionaire Chris Hohn’s London-based hedge fund wrote to the VW board on May 6 demanding that the carmaker – which is still recovering from an emissions scandal – overhaul its “excessive” executive pay scheme as part of a plan to boost profits and end years of “mismanagement”.
Hedge Fund TCI Says First-Quarter Performance Flat as VW, Porsche Drag
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