Executive Director of Volkswagen, Herbert Diess, putting his belongings in the trunk of a late VW. He will leave command of the company as soon as August ends.
Diess will be succeeded by Oliver Blume, the current CEO of Porsche. The luxury car maker is a subsidiary of Volkswagen.
The reason for Diess’ departure was not disclosed by the matrix.
Diess and the Dieselgate Scandal
Coming from BMW, Diess arrived at Volkswagen in 2015, with the task of providing a hobbyhorse to local guides and restoring the company’s credibility.
Industry experts credit him with steering the automaker away from the corporate spotlight diesel scandaland lead it into a new era of massive investment in electric vehicles.
When he arrived at Volkswagen, the company was accused of using fraudulent methods to get its diesel and gasoline engines to pass emissions control tests in several countries between 2009 and 2015.
In the years following Diess’ arrival, the automaker restructured and began investing heavily in the development of electric vehicles.
Volkswagen aims to launch 75 types of electric vehicles by 2029.
Thank you for the services provided
In a note, Volkswagen president Hans Dieter Potsch thanked Diess for playing a key role in the company’s turnaround.
“Not only did he steer the company through very turbulent waters, but he also implemented a new strategy,” Potsch wrote.
Blume will be the new CEO of Volkswagen from September 1
Oliver Blume, the current CEO of Porsche, will succeed Diess from 1 September.
A senior executive at the automaker, Blume held manufacturing positions at Audi, Spain’s SEAT and Volkswagen itself before becoming head of production at Porsche in 2013.
He was elevated to the position of CEO of the luxury sports car brand in 2015.
By succeeding Diess, Blume will be committed to continuing the ongoing transformation.
To assist Blume in this transition, Volkswagen said its chief financial officer, Arno Antlitz, will take on the additional title of chief operating officer.
*And news from CNBC.