Herbert Diess

Volkswagen CEO Diess is Stepping Down in Surprise Move

Volkswagen’s CEO, Herbert Diess is leaving his post in a surprise move, effective September 1, as reported by the BBC,

According to the company, Diess will be replaced by Oliver Blume, the Head of Volkswagen (VLKAF)’s Porsche performance car division.

Volkswagen, the world’s second largest automaker, did not provide a reason for Diess’ exit.

However, a Reuters report citing unnamed sources said the Porsche and Piech families — who between them own a majority of the voting rights in Volkswagen — pressed for a change at the helm.

The company did not immediately respond to a request for comment on that report.

It was a busy and challenging tenure for Diess. He took the reins at Volkswagen in 2018, in the wake of its “dieselgate” scandal that forced the company to pay massive US and European fines for deceptive emissions readings.

Still, he was able to put that scandal mostly in the company’s rearview mirror. And he focused on electric vehicles more than many established automakers, positioning Volkswagen for a major shift.

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