Volkswagen Group CEO Herbert Diess, the controversial driver who has survived a number of confrontations and power struggles with the board over the past two years, is leaving the company.
VW AG board said Friday it has appointed Porsche boss Oliver Blume to lead the massive company that includes Audi, Bentley, Lamborghini, Porsche and Volkswagen Passenger Cars. VW CFO Arno Antlitz will assume the position of chief operating officer. Diess resigns with ‘mutual agreement’.
Blume will continue his role as chairman of Porsche AG, a position he will retain even after a possible IPO, the company said.
The changes will take effect September 1, the company said.
“During his tenure as chairman of the board of the Volkswagen Passenger Cars brand and as chairman of the board of directors of the group, Herbert Diess played a key role in driving the transformation of the company,” the company said in a statement. . “The Group and its brands are viable for the future; its innovative capacity and earning capacity are strengthened. Mr Diess has impressively demonstrated the speed and consistency with which he was able to implement far-reaching transformation processes. He not only guided the company through extremely turbulent waters, but also implemented a fundamentally new strategy.”