VW replaces CEO Matthias Mueller amid group restructure

VW replaces CEO Matthias Mueller amid group restructure

The supervisory board meeting to approve a new leadership structure will now be held Thursday instead of Friday, one source told Reuters.

Volkwagen's VOW3-DE board has ousted CEO Mattias Müller, replacing him with VW brand chief Herbert Diess, CNBC confirmed Thursday.

Volkswagen Group, the world's largest automaker by sales volume, has appointed a new CEO to replace the executive who helped steer the company out of its diesel emissions scandal and into a new era of investment in electric cars.

It said the result of the talks was "currently open" and that Mueller "showed his willingness to contribute" to the changes.

Having joined from BMW just a few months before the cheating became public knowledge, Diess has the advantage of being largely untainted by dieselgate - giving VW a chance at a fresh start.

Volkswagen and the works council declined to comment. As the executive overseeing VW's biggest unit, he has routinely butted heads with labour leaders while seeking to cut costs and simplify the carmaker's byzantine structure.

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. Today the company issued a statement thanking Müller for his time during what it referred to as "the greatest challenge in its history".

Netflix, Inc. (NFLX) Director Richard N. Barton Sold 2000 Shares
Following the completion of the sale, the insider now owns 23,953 shares of the company's stock, valued at $6,297,483.23. The business is expected to announce its next quarterly earnings report after the market closes on Monday, April 16th.

If Mueller did such a good job under hard circumstances, why change horses in midstream?

Diess would not only head the management board, the top executive body at German companies that reports to the supervisory board, or board of directors.

After-tax profit rose to 11.6 billion euros ($14.3 billion) past year, on sales of 230.6 billion euros. Certainly, PR is a factor, especially if the decision is made to do a separate stock listing for the firm's truck and bus division.

Including Mr Mueller, VW's management board totals nine people, with responsibilities ranging from purchasing to legal affairs to financing and human resources.

Oliver Blume, head of sports auto brand Porsche and newly appointed to the group executive board, will oversee production at the multi-brand organisation, VW said, confirming a Reuters report.

While Mr Mueller is a VW veteran, at times he cuts an uneasy figure in the top job, which required him to manage the often contradictory demands of angry vehicle owners, disgruntled investors, well-organised workers, as well as state officials with their own political agendas.

For Lower Saxony, represented on the VW supervisory board through Prime Minister Stephan Weil and Economy Minister Bernd Althusmann, the key is to protect local jobs, a goal shared with VW's unions, which effectively gives the pro-labor camp control of the board.

Related Articles

  • Taliban attack Murdered 10 police in Herat

    Taliban attack Murdered 10 police in Herat

    Rahmani said the Taliban planted mines to stop reinforcements from coming to help the government forces fend off the attack. His claim could not be independently confirmed and the government did not immediately respond to it.
    Freezing Warning In Effect for Brampton and Surrounding Cities

    Freezing Warning In Effect for Brampton and Surrounding Cities

    Forecasts were calling for a lengthy period of freezing rain during the day on Saturday, returning Saturday evening. According to CTV News , by early afternoon around 8000 people were left without power.
    Most rockets in Western attacks on Syria were intercepted - Russian Federation

    Most rockets in Western attacks on Syria were intercepted - Russian Federation

    Indeed, her speech explaining British involvement in the strikes on Syria this morning makes a pointed reference to that episode. Some clapped their hands and danced, others drove in convoys, honking their horns. "We're not cooperating with them in Syria".
  • IPL 2018: Kolkata Knight Riders v/s Sunrisers Hyderabad; Match Preview

    IPL 2018: Kolkata Knight Riders v/s Sunrisers Hyderabad; Match Preview

    KKR were looking good with Lynn and Rana in the middle before rain stopped the play at the score of 52/1 in seven overs. Next ball, he again went square off the wicket only for Pandey to run back and swoop to conquer.
    Liverpool's Mohamed Salah tops PFA award's 6-man shortlist

    Liverpool's Mohamed Salah tops PFA award's 6-man shortlist

    Manchester City are in the league of their own this season - having won 27 of their 32 round of matches already played this term. Concise News gathered that the winners of both accolades will be revealed at an event in London's Grosvenor House on April 22.
    Kings Vs. Golden Knights Live Stream

    Kings Vs. Golden Knights Live Stream

    We had some guys play real hard (to) give us a chance to win. "We go to their building and it's going to be harder", Haula said. During Game 1 of the NHL Playoffs 2018 series between the Vegas Golden Knights and Los Angeles Kings , things got chippy.
  • United States  strikes on Syria 'justified', says Israeli official

    United States strikes on Syria 'justified', says Israeli official

    Similar messages were passed from Washington to the Prime Minister's Office and the foreign ministry in Jerusalem, Ravid said. Johnson said: "The world is united in its disgust for any use of chemical weapons, but especially against civilians".

    Two-goal substitute Giroud inspires Chelsea turnaround

    It doesn't matter that we won the game 3-2, it was important to see the right reaction and fight in the eyes of my players. I have two good strikers and I try to make the best decision at the start of the game or during the game".
    Deposition of Bacteria and Bacterial Spores by Bathroom Hot Air Hand Dryers

    Deposition of Bacteria and Bacterial Spores by Bathroom Hot Air Hand Dryers

    The scientists also explored the effectiveness of using high-efficiency particulate air filters with the hand dryers. Scientists set off hand dryers in the bathrooms and placed a special plate just beneath them for 30 seconds.
  • Winnie Mandela: Soweto send-off for anti-apartheid fighter

    Winnie Mandela: Soweto send-off for anti-apartheid fighter

    She reminded the crowd that when her father‚ Nelson Mandela‚ was imprisoned‚ it was her mother who kept his name alive. The EFF leader brought the entire stadium (and internet) to a standstill as he delivered his tribute to Mama Winnie.
    Google's Redesign of Gmail to Include a 'Confidential Mode'

    Google's Redesign of Gmail to Include a 'Confidential Mode'

    The Verge has obtained screenshots of the new Gmail design , now being tested inside Google and with trusted partners. Working on an email service is hard as you have to be compatible with all sorts of email providers and email clients.
    Body found amid search for SoCal family after SUV swept into river

    Body found amid search for SoCal family after SUV swept into river

    Police had previously said they believed the Hart family died in a suicide plunge from a scenic overlook. She also said her daughter told her after the incident, her teacher put a cold towel on her injuries.