Volkswagen AG Diess CEO resigns, Blume takes over by

© Reuters. Volkswagen AG (VWAGY) CEO resigns, Blume takes over

By Sam Boughedda

Volkswagen AG (OTC:) CEO Herbert Diess will step down, the company announced Friday.

Diess took over Volkswagen in the wake of the diesel emissions scandal and ushered the company into the electric era. Volkswagen, one of Germany’s most important global companies, says Diess plays a key role in driving the company’s transformation.

The move takes effect September 1, with Oliver Blume succeeding Diess while continuing to serve as Chairman of the Board of Directors of Porsche AG. In addition, Volkswagen’s Chief Financial Officer, Arno Antlitz, will take on an additional COO role on the Group’s Board of Directors.

According to a report from Reuters, shortly after hearing the news, Porsche and the Piech Family saw the need to change CEO at Volkswagen.

Diess’ future at the car company was called into question several times during his four-year career. He recently clashed with the Volkswagen board over his electrification strategy and management style.

“Oliver Blume has proven his strategic and operational skills in various positions within the Group and across several brands, and has managed Porsche AG from a financial, technological and cultural point of view. With great success in seven years of operation, from the Supervisory Board’s point of view, he is now the right person to lead the Group and further enhance customer focus as well as brand and product positioning of the group”, said Chairman of the Supervisory Board, Hans Dieter Pötsch.

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