The VW board removes CEO Herbert Dies after conversion to electric vehicles

Key shareholders in Volkswagen teamed up with labor leaders to oust the CEO Herbert Diesswhich was in the midst of a push to make the German car company a top producer of electric vehicles.

Mr. Diess will be succeeded by Oliver Blume, CEO of VW’s sports car maker Porsche AG and long an ally of the Porsche-Piech family which controls the majority of VW’s voting rights. Mr. Blume will keep his job running Porsche, which is slated for an IPO this fall.