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".

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Lastly, SEGA revealed that a new entry in the Sakura Taisen (known as Sakura Wars in the West) series is in the works. These include company mascot platformer Sonic the Hedgehog, Thunder Force 4 , Phantasy Star and more to be announced.

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.

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