Volkswagen Group CEO Herbert Diess, the embattled executive who has survived a number of confrontations and power struggles with the board over the past two years, is leaving the company.
The VW AG board said Friday it has appointed Porsche boss Oliver Blume to head up the massive company that includes brands Audi, Bentley, Lamborghini, Porsche and Volkswagen Passengers Cars. VW CFO Arno Antlitz will take the chief operating officer position. Diess is resigning by “mutual agreement.”
Blume will continue in his role as chairman of Porsche AG, a position he will maintain even after a possible IPO, the company said.
The changes will go into effect September 1, the company said.
“During his tenure as Chairman of the Board of Management of the Volkswagen Passenger Cars Brand and as Chairman of the Group Board of Management, Herbert Diess played a key role in advancing the transformation of the company,” the company said in a statement. “The Group and its brands are viable for the future; its innovative capabilities and earning power are strengthened. Mr. Diess impressively demonstrated the speed at which and consistency with which he was able to carry out far-reaching transformation processes. Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy.”
Story is developing.