Volkswagen CEO Diess to Resign in September... Successor is Blume, Porsche CEO
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[Asia Economy New York=Special Correspondent Joselgina] Herbert Diess (63), CEO of German automaker Volkswagen, is stepping down.
On the 22nd (local time), according to the Wall Street Journal (WSJ) and others, Volkswagen's board of directors announced at a meeting that they decided on this executive change. The resignation will take effect on September 1.
The successor will be Oliver Blume (54), CEO of Porsche, the sports car brand within the Volkswagen Group. CEO Blume will also retain his position as Porsche CEO. Having joined the Volkswagen Group in 1994, he has served as an executive for the group's automotive brands including Audi, Volkswagen, and Porsche.
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This resignation draws particular attention as it comes amid ongoing conflicts between CEO Diess, labor unions, and major shareholders over electrification strategies and cost-cutting issues. Since taking office as Volkswagen's CEO in 2018, Diess has been leading efforts to transform Volkswagen into a leading electric vehicle manufacturer following the so-called diesel scandal. However, the process has faced significant challenges, including failure to meet sales targets in China and other markets.
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