Volkswagen CEO Herbert Diess to be replaced by Porsche chief in major shake-up
In a major shake-up, Volkswagen CEO Herbert Diess is stepping down as head of the world’s second-largest automaker and will be replaced by Porsche chief Oliver Blume, the company announced Friday.
Blume will replace Diess in his role as chairman of the board of management on September 1st, the company announced. In a statement, Hans Dieter Pötsch, who chairs the company’s governing supervisory board, thanked Diess for his service and for his “key role in advancing the transformation of the company.”
It was a surprising development, considering Diess had narrowly avoided ouster by the VW supervisory board late last year. The German automaker has clashed frequently with labor unions and other key stakeholders over VW’s strategic direction...