New VW boss vows reform, 'not revolution' to overcome diesel scandal
New VW boss vows reform, 'not revolution' to overcome diesel scandal
VW set to name new chief executive today
15 April, 2018, 00:25
On April 12, Volkswagenannounced Group CEO Matthias Muller would be stepping down after just three years in the position.
VW Group's brands, which include Volkswagen, Audi, Porsche, Bentley, Skoda (not in SA), and others will be put into three groups - Volume, Premium, and Super Premium.
"Herbert Diess is the right manager to do that". Additionally, Porsche sports vehicle division headOliver Blume is being promoted to the top management body of the entire group. However, the company intends to find a manager for the combined unit in due course and told Automotive Logistics it would be fleshing out the details of the new structure in the weeks and months ahead.
He replaces Matthias Muller who recently stepped down from the post. "Diess is a man of action, he is the most plausible choice at VW to lead the group into the next phase of its transformation", said Nord LB analyst Frank Schwope, who has a buy rating on Volkswagen.
This decision was made by the Supervisory Board of the company, the press service of the German brand. Prior to this, the company admitted that it had used devices to the skew results on United States emission tests.
VW also announced that works council executive Gunnar Kilian would replace Karlheinz Blessing as human resources chief.
Mueller, 64, has already steered the mammoth carmaker into a massive restructuring, aiming to offer electric versions of many of its models and slim down its operations over the coming decade.
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But he has himself landed in prosecutors' sights over suspicions he may have known about the cheating before it became public and failed in his duty to inform investors. It is a scandal that continues to plague VW in Europe.
Shares in Volkswagen closed almost two percent higher to 176.60 euros ahead of the closely-watched board meeting, outperforming the Dax index of leading shares that was up almost one percent.
Since coming to Volkswagen in July, 2015, Diess has had the hard task of negotiating restructuring and cost-cutting with German worker representatives as head of the core Volkswagen nameplate. Mueller, who formerly headed Porsche, took over as CEO unexpectedly in September 2015 when Martin Winterkorn resigned over the company's scandal over cars rigged to cheat on emissions tests.
The carmaker remains mired in legal woes overseas and in its home market, where it also faces possible diesel bans in some smog-clogged inner cities, a prospect that has already depressed resale prices to the chagrin of millions of owners of diesel vehicles.
Other areas VW Group will focus include research and development, sales, and production.
Described as highly ambitious, Diess has earned a reputation as a fierce cost cutter unafraid of pushing through big changes.
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