nsucurrent.com
nsucurrent.com April 24, 2018


VW replaces CEO Matthias Mueller in sweeping restructuring

13 April 2018, 03:49 | Ruby West

VW Group ousts CEO, names Diess as replacement, announces restructuring

Volkswagen puts Herbert Diess in the driving seat

Various sources within Germany have been reporting in recent days that Volkswagen is now mulling the replacement of CEO Matthias Mueller with the head of the VW brand, Herbert Diess.

The magazine cited an insider close to the supervisory board who interpreted Diess ambition to lead the Volkswagen Group and Volkswagen brands simultaneously as motivated by the CEO's desire to continue to exert direct influence over the development of the company's flagship brand.

As well as Volkswagen, the German company also owns several other brands including Audi and Porsche. After nine years there, he moved to Volkswagen in 2015 right before the infamous diesel emission scandal.

"It is unclear how soon Diess, a former BMW executive who joined VW in July 2015 and has clashed with the company's labor leaders, might replace Mueller".

"Bringing Herbert Diess' CEO nomination forward is the next step in transforming VW into a more modern and effective company", Evercore ISI analyst Arndt Ellinghorst said in a note.

He apologized for the scandal and launched what was described as an effort to make the company's management more open to discussion and less top-down, factors that may have abetted the emissions cheating. "Unions and Lower Saxony together have the power to block his appointment".




Volkswagen has picked a new leader in a management shakeup to ready the world's largest automaker for a wave of technological change upending the industry's traditional business models.

The change doesn't come as much of a surprise, because the VW Group issued a statement on Tuesday saying it was in the process of reviewing its senior management structure, which it explicitly said could result in personnel changes. His contract is due to run until 2020.

"VW has to push changing its structure to become more agile", said Ingo Speich, a fund manager with Union Investment with shares in Volkswagen.

Prior to the promotion, Diess was Volkswagen's brand chief.

Early in Diess's tenure as head of the VW auto brand, labour leader Bernd Osterloh publicly questioned his credibility in contract talks, raising concerns that he might fall victim to the carmaker's complex internal politics, which has toppled many high-profile newcomers. He and Mr Mueller instead agreed to guarantee VW's German jobs until 2025, to get labour approval for a plan to turn the company into a mass producer of electric cars.



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