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VW appoints Diess CEO to gain momentum to set future course



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

Herbert Diess, head of the VW namesake brand, becomes chief executive officer as well as overseeing the technology throughout the organization, the company said Thursday in a statement. The manufacturer will be grouped into six divisions, with the truck and bus divisions prepared for a possible stand-alone inventory.

Photographer: Daniel Acker / Bloomberg

"My most important task now is to join in. With our management team and our workforce, we want to systematically continue and advance our development into a profitable, globally leading provider of sustainable mobility," said Diess Opinion.

The realignment focuses power in Diess' hands as he will continue to oversee the eponym department. Rupert Stadler, operator of the luxury brand Audi, who has repeatedly left the company's role in the diesel crisis, takes over the responsibility for group sales. The company's auto units are divided into volume, premium and super-premium segments

The citation of Diess on Matthias Müller's immediate resignation will reassure investors that the highly centralized German industrial group is capable of reform. Excessive spending and poor budget discipline eroded profit margins even before the diesel exhaust scandal broke out in September 2015. His term of office is assessed early on whether he can change his conversion of the VW brand to the entire 12-brand group

A sign that the overhaul is gaining momentum is the entry of VW into the home straight for a possible Stock sale in the heavy truck division, the biggest organizational change since the post-war diesel emissions crisis. The unit, which has little or no overlap with the other departments of the manufacturer, will change its legal structure to prepare for its access to the capital markets, VW said in a separate statement.

The truck unit to grant more independence from the larger passenger car The store marks the culmination of efforts by department manager Andreas Renschler. He has been working since 2015 to more closely merge commercial vehicle operations to reduce costs through development sharing.

Labor Disputes

Diesss, a former BMW AG board member who came to realize emissions fraud two months before VW promised from the beginning to pursue new technologies while limiting spending growth. This project became much more urgent as the diesel scandal caused massive costs and involved established interest groups. Bernd Osterloh, the firm's powerful union leader, shied away from negotiating hard negotiations in 2016, but Das's came through a groundbreaking deal paving the way for more than 30,000 jobs and savings of 3.7 Billions of euros paved ($ 4.6 billion)

"There have been historical episodes in which cost-cutting was used to sort out the VW brand, but then they go or get pushed before their work is really done," Sanford Bernstein analyst Max Warburton wrote in a note. "Instead of being pushed out, he was pushed up and made CEO, which is a sign of real change in VW."

Photographer: Daniel Acker / Bloomberg

Gunnar Kilian, from the works council of the company, becomes CEO The HR department, successor of Karlheinz Blessing, who until then is available as a consultant his contract expires. He and Oliver Blume, the 49-year-old Porsche marketing director, will be appointed to the Executive Committee. Francisco Javier Garcia Sanz, Volkswagen's long-term purchasing manager, will leave the company.

Diesss was as a purchasing manager at BMW instrumental in ensuring that the luxury car manufacturer's financial crisis by more than 4 billion from delivery costs. He then took over the development, but was eventually ignored for the CEO job when the Munich company in December 2014 Harald Krüger selected. That spurred his move to Volkswagen.

Diess appointment comes two days after a company statement. As surprising as cryptic that Mueller "fundamentally" contributed to a change of leadership without the chosen successor to elaborate or name by name.

The Supervisory Board plans a press conference on Friday its strategy.


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