BERLIN, Sept 3 (Reuters) - Volkswagen AG's supervisory board agreed to a comprehensive restructuring plan dubbed "Future Plan 2030" which it said was essential to restore competitiveness and secure the group for the future.

A corporate restructure is often associated with a failing business model or major job cuts. While the restructure may help the company move forward and improve business, the process comes with some fallout for both the company and the employees.

VW’s surprise restructuring agreement boosted the shares, closing Friday up 6.23%. Investors had expected a VW supervisory board fudge and were surprised by an agreement.

In a tense meeting on Wednesday afternoon at Volkswagen's headquarters in Wolfsburg, three of the firm's biggest power players looked to thrash out an unlikely deal as the embattled carmaker veered towards full-blown crisis.