Volkswagen CEO Diess resigns in a surprising move

The company announced on Friday that Herbert Diess is leaving the top job at Volkswagen (VLKAF) AG, the world’s second largest car manufacturer. Volkswagen did not give a reason for the exit of Diess, who will be replaced by Oliver Blume, the head of VW’s Porsche performance car division.
It was a busy and challenging period for Diess. He took the reins at Volkswagen in 2018, in the wake of the “dieselgate”[ads1]; scandal that forced the company to pay massive US and European fines for misleading emissions measurements.
Nevertheless, Diess managed to put that scandal mostly in the rearview mirror. And he focused on electric vehicles more than many established automakers, positioning Volkswagen for a major shift.

As part of managing the management, CFO Arno Antlitz will become chief operating officer.

– This is a development story.

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