Volkswagen looking at changing CEO in reshuffle; Mueller's future at company uncertain

Volkswagen gets new boss ahead of sweeping changes

Volkswagen was set to replace chief executive Matthias Mueller yesterday, as it seeks to turn the page on the "dieselgate" emissions scandal that has dogged the company since 2015.

He replaces Matthias Muller who recently stepped down from the post.

The statement continued: "He assumed the chairmanship of the board of management in the fall of 2015 when the company faced the greatest challenge in its history".

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.

For Volkswagen its the biggest overhaul since it became a multi-brand conglomerate under former chief executive Ferdinand Piech, a grandson of VW Beetle designer Ferdinand Porsche.

"We want to create a slimmed down company with strong brands", Diess said, explaining that Audi would form the group's core brand in the premium segment with a goal of overtaking Mercedes-Benz and BMW.

Diess made the disclosure at his first news conference as chief executive at VW's headquarters in Wolfsburg, Germany, on Friday. "Diess is a man of action, he is the most plausible choice at VW to lead the group into the next phase of its transformation", said Nord LB analyst Frank Schwope, who has a buy rating on Volkswagen.




Dressed in a dark blue suit and a burgundy tie, Diess and chairman Hans Dieter Poetsch were the only executives to field questions about the carmaker, even though VW announced a raft of new appointments on Thursday.

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.

"The most important part of getting the crisis under control is over now, so it's right for VW to look in a new direction", analyst Juergen Pieper of Metzler bank said.

"We believe we can not control and manage this century, but our group activities will be co-ordinated and our political relationships will be well maintained", said Diess, when asked how the company plans to stay ahead of a constantly evolving vehicle industry.

Shares in Volkswagen climbed 1.7% to ß176.06 (R2 603) in late morning trade in Frankfurt, vastly outperforming the Dax index of leading shares that was up just 0.1%.

Osterloh's comments come after repeated clashes over Diess's drive to cut costs and improve profits at the carmaker's core VW brand, where Diess was handed the reins only three months before the Dieselgate scandal erupted.

The supervisory board approved sweeping corporate changes, including the promotion of VW-brand head Diess to the group's top post, at a four-hour meeting Thursday evening.

Related news:

Hot News

isis-killer-beheading-video-story-top Secretary of State Nominee Mike Pompeo Testifies at Senate Hearing
Apr 15, 2018 - 00:20
In declining to discuss his conversations with the president, Pompeo clarified that he wasn't asserting executive privilege. Twitter users have responded to Pompeo's suggestion that Russian Federation is not exceptional, compared to the US.

isis-killer-beheading-video-story-top Attention Gmail users: your emails might 'self-destruct' soon
Apr 15, 2018 - 00:18
Those that receive a confidentially configured message have to follow a link to access it and sign in to their account again. As of now, there is no information about this feature being available to non-Gmail users.

isis-killer-beheading-video-story-top Madikizela-Mandela left as loyal servant of ANC: Mbalula
Apr 14, 2018 - 20:14
The EFF president assured Winnie's children that none of them would be "treated like they have leprosy" while he is still alive. Her daughter, Zenani Mandela-Dlamini, was among the speakers at the funeral.

isis-killer-beheading-video-story-top Five more athletes missing from Commonwealth Games village
Apr 14, 2018 - 20:14
Grevemberg said Nsengiyumva along with two Ugandans and a Ghanaian, went missing and that the Police had been alerted. We're organising a sporting event, if there are breaches of visas, they will deal with it".

isis-killer-beheading-video-story-top Backpage.com, CEO Plead Guilty in Sex-Trafficking Crackdown
Apr 14, 2018 - 20:13
State prosecutors changed tack a year ago , filing almost 40 new money laundering charges against Ferrer, Larkin and Lacey. Ferrer pleaded guilty to a single count of conspiracy to commit money laundering and three counts of money laundering.

isis-killer-beheading-video-story-top Playing multiple sports proves advantageous to athletes
Apr 14, 2018 - 20:11
Women's soccer has only been an ACAC sport at Augustana for four seasons, and it has been a struggle for success on the field. At least one coach is not optimistic about when they will get to play a home game. "I'm doing alright with it".

isis-killer-beheading-video-story-top Bevin: Teachers left children vulnerable
Apr 14, 2018 - 20:11
Matt Bevin said that somewhere in Kentucky children were sexually assaulted or ingested poison because they were left unattended. Bevin insinuating that a peaceful protest by teachers would lead to sexual assault are reprehensible", Wise tweeted.

isis-killer-beheading-video-story-top Japan asks S. Korea to raise abduction issue at North-South summit
Apr 13, 2018 - 01:41
Kono arrived in South Korea late on Tuesday, on his first visit to the country since taking the post in August previous year . Kang agreed to share information with Japan on the inter-Korean summit, and Kono on the upcoming talks between Abe and Trump.

isis-killer-beheading-video-story-top Uber app to offer public transport tickets
Apr 13, 2018 - 01:35
However, Uber told CNN earlier this year it started running screenings on drivers every two years in mid-2017. Other Jump competitors, like Ofo and LimeBike, are, like Uber , heavily backed by venture capital firms.

isis-killer-beheading-video-story-top Khloe Kardashian had a baby girl!
Apr 13, 2018 - 01:34
On Monday morning, Kardashian posted a photo with Thompson to Instagram captioned, " We are ready whenever you are little mama ". TMZ also claimed that her baby doctor, Dr Aliabadi, is just outside of Cleveland now, which is another sign she is getting close.

isis-killer-beheading-video-story-top Putin calls on Netanyahu not to take any 'destabilising action' on Syria
Apr 13, 2018 - 01:31
On Wednesday, taking to Twitter, Trump warned Russian Federation that USA missiles would soon strike Syria . Prime Minister Binyamin Netanyahu spoke to Russian President Vladimir Putin over the phone Wednesday.

isis-killer-beheading-video-story-top UK Takeover panel sets Disney/Sky conditions
Apr 13, 2018 - 01:30
Shares in Sky on Thursday were down 0.2% in London at 1,307.00 pence, or GBP13.07, each. Fox now owns a 39% stake in Sky and is trying to buy the remaining stake 61%.

isis-killer-beheading-video-story-top Emmanuel Macron: we have 'proof' Syria used chemical weapons
Apr 13, 2018 - 01:27
Since Saturday, several thousand rebels and civilians have left Douma for opposition-held territory in the north of Syria . US President Donald Trump , who said on Wednesday that missiles were "coming", has now tweeted that he "never said when".

isis-killer-beheading-video-story-top #Showbiz: The Rock is solid in Malaysia, says 'Apa khabar' to fans
Apr 12, 2018 - 07:30
So if you're a player and you know people who haven't signed up, make sure you get them to join in with your referral code. Instead, a solo film is in the works for the character, though it doesn't seem like that's being hurried into production.

isis-killer-beheading-video-story-top Senate Democrats urge resolution calling for removal of EPA chief Pruitt
Apr 12, 2018 - 07:29
The letter quoted from the internal EPA documents but the full documents were not made public. Sheldon Whitehouse, wrote Barrasso on Tuesday asking for into Pruitt's security spending.