Volkswagen replaces CEO, announces new structure

Matthias Muller in the 911 Speedster

Mueller's replacement with VW brand chief Diess follows slow progress in reorganizing the group's auto brands, a key pillar of "Strategy 2025" to transform the Germany's biggest vehicle company into a leader in cleaner cars and to move on from its diesel emissions scandal of 2015.

He set out his goals for the entire group on Thursday: "In a phase of profound upheaval in the automotive industry, it is vital for Volkswagen to pick up speed and make an unmistakable mark in e-mobility, the digitalization of the automobile and transportation as well as new mobility services", he said in a statement.

"In order to sustainably implement the new structure, there will be a number of changes on the board of management. He assumed the chairmanship of the Board of Management in the fall of 2015 when the Company faced the greatest challenge in its history", Hans Dieter Potsch, VW board chairman, said in a news release announcing the change.

As part and parcel of the Diess appointment, the automaker also announced that it is streamlining its product offerings.

Oliver Blume, chairman of Porsche's board of management.

"The new VW boss Diess has a long to-do list", Greens party parliamentary leader Anton Hofreiter told Germany news agency DPA.

"Matthias Muller has done outstanding work for the Volkswagen Group".

The incoming group boss also said that the company's labor council, which represents the interest of the company's workers, was "fully committed" to the structural and operational changes. Its brands also include Bentley, Scania, Skoda and Ducati.

The scandal, in which VW installed emissions-cheating software in 11 million vehicles worldwide, has cost the firm at least $30bn (£22.4bn) in fines and other costs. Mueller, 64, has steered the mammoth vehicle maker into a massive restructuring, aiming to offer electric versions of many of its models and slim down its operations over the coming decade.

But Mueller himself landed in prosecutors' sights over suspicions he may have known about the cheating before it became public and failed in his duty to inform investors.

"It's right for VW to look in a new direction", judged analyst Juergen Pieper of Metzler bank.

Two sources said that Diess is due to outline the group's new leadership structure in front of the supervisory board.

Shares in Volkswagen closed almost two percent higher to 176.60 euros ahead of the closely-watched board meeting, outperforming the Dax index of leading shares that was up almost one percent. Mueller, who formerly headed Porsche, took over as CEO unexpectedly in September 2015 when Martin Winterkorn resigned over the company's scandal over cars rigged to cheat on emissions tests.

Related news:

Hot News

isis-killer-beheading-video-story-top Artificial Intelligence, Robotics to boost firepower: Prime Minister Narendra Modi
Apr 15, 2018 - 00:24
The ruling BJP has blamed the Opposition, led by the Congress party, for the washout of the Budget session. Every day the park receives at least 600 visitors, and 1,000-1500 on holidays.

isis-killer-beheading-video-story-top Booker Challenges Pompeo On View That Homosexuality Is 'Perversion'
Apr 15, 2018 - 00:20
Cory Booker of New Jersey pushed hard on secretary of state nominee Mike Pompeo over his alleged anti-gay views. President Donald Trump to replace Rex Tillerson, who was sacked by Trump from the post last month.

isis-killer-beheading-video-story-top Bryan Burke named Payson's new football coach
Apr 14, 2018 - 20:16
For some reason, both were drawn to soccer. "It is my first year coaching, it is quite a distinguished honour". However, Weaver doesn't need to do much talking - because it's his actions that do all of the talking for him.

isis-killer-beheading-video-story-top Backpage.com Founders Charged With Facilitating Prostitution And Laundering Money
Apr 14, 2018 - 20:12
Ferrer says in his federal plea deal that he was aware that a great majority of the site's ads were for sex services. The guilty pleas by the company and CEO Carl Ferrer were made on April 5, but were unsealed late Thursday afternoon.

isis-killer-beheading-video-story-top Meet the victor of $533 million Mega Millions jackpot in New Jersey
Apr 14, 2018 - 20:11
Richard Wahl says he bought an easy pick ticket for the $533 million jackpot in last month's drawing at a gas station. He chose to take the jackpot as a lump sum cash payout, which lottery officials said comes out to $324.6 million.

isis-killer-beheading-video-story-top Bevin claims children were sexually abused, tried drugs because of teacher protest
Apr 14, 2018 - 20:11
The agendas from Kentucky arrived amid educator protests at Oklahoma and Arizona more than instruction funding and educator cover. The Arizona Educators United coalition had called for 20% pay raises, but it wasn't satisfied after Ducey's announcement.

isis-killer-beheading-video-story-top Media React to Real Madrid's Dramatic Champions League Win over Juventus
Apr 13, 2018 - 01:41
Blaise Matuidi pounced to capitalise on Keylor Navas' fumble to level the tie on aggregate before the dramatic ending. An enraged Juventus legendary goalkeeper Gianluigi Buffon protested the decision of the referee, earning a red card.

isis-killer-beheading-video-story-top Tokyo, Seoul at odds regarding abduction issue in N. Korea talks
Apr 13, 2018 - 01:40
Trump has agreed to meet Kim to discuss denuclearisation as soon as next month, though no venue or specific date is agreed. Samore thinks Pyongyang's written denuclearization intent "will be sufficient for the first meeting".

isis-killer-beheading-video-story-top Russian Federation 'complicit' in Syrian regime's retention of chemical weapons: Mattis
Apr 13, 2018 - 01:37
Defense Secretary Jim Mattis on Thursday said the United States is not going to engage in the civil war in Syria but will continue to focus on defeating ISIS .

isis-killer-beheading-video-story-top Former GOP Leader Boehner Thinks Legal Marijuana Is the Answer for Millions
Apr 13, 2018 - 01:36
There is growing confusion over the federal government's introduction of legislation to legalize the use of recreational marijuana in Canada.

isis-killer-beheading-video-story-top A $30000 rumour? Tabloid paid for, spiked, salacious Trump tip before election
Apr 13, 2018 - 01:34
He has said nothing - at least as far as I can find - about the payment to McDougal and the alleged payment to the doorman. It said it then released Sajudin from the terms of the contract that stopped him from talking with other media outlets.

isis-killer-beheading-video-story-top First Alert Forecast: sunny and warm ahead of the next storm
Apr 13, 2018 - 01:33
Tornadoes will be possible region-wide, as well as damaging winds up to 60 miles per hour and quarter-size hail. Rainfall accumulation forecasts are expected to range between.25-inches to.75-inches in the heaviest downpours.

isis-killer-beheading-video-story-top Uber Launches New Safety Features for US Riders
Apr 13, 2018 - 01:31
Uber previously said it considers bicycles and public transportation as a way to cut down on environmental and traffic congestion. But the incident raised questions not only about the capabilities of autonomous vehicles, but also about Uber's safety culture.

isis-killer-beheading-video-story-top Yankees-Red Sox Rivalry Is Renewed With an Epic Drubbing
Apr 12, 2018 - 07:30
BC-BBA-Red Sox-Price, 124 Price pulled from start vs Yankees with tingling in handAP Photo MACK105, MACK104Eds: APNewsNow. One day after Red Sox bats hung 14 runs on their NY rival, the Yankees responded with an emphatic early eight runs.

isis-killer-beheading-video-story-top Lamar Odom 'Would Absolutely Get Back Together' With Khloe Kardashian
Apr 12, 2018 - 07:27
But if Khloe decides to end her engagement with Thompson, would Odom attempt to get back in the game with his ex-wife. She was fully moved in there. " Tristan is a man Khloe built a life with and saw as her forever", the source says.