New CEO Herbert Diess is 'the related payment killer'

New CEO Herbert Diess is 'the related payment killer'

German auto giant Volkswagen on Thursday named Herbert Diess as its new chief executive, replacing Matthias Mueller, as the one-time paragon of German industry seeks to turn the page on the "dieselgate" emissions scandal that has dogged it since 2015.

This was not the only shift in the Volkswagen: Porsche CEO Oliver bloom joined the Board of governors of the concern and the head of Audi, Rupert Stadler will now be responsible for global sales group.

Mueller had "signaled he was open to play a part in the changes" in conversations with supervisory board chief Hans Dieter Poetsch, the company said.

The group's structure is now composed of six divisions including "volume", "premium" and "super-premium" segments.

He moreover set a goal to advertise 1 million VW-branded electrical vehicles by 2025 and make Volkswagen "the principle producer {of electrical} vehicles".

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Diess answered questions at VW group headquarters in the German town of Wolfsburg, saying he will pool the company's 12 brands into three automotive groups and a truck business, while signalling that some businesses may be sold.

Volkswagen's new Chief Executive Herbert Diess embarked on the most far-reaching shake-up in the carmaker's history on Friday, seeking to unite a company whose feuding factions have often slowed reform.

One business area will be dedicated to China while another would be dedicated to its Truck & Bus division.

Mueller, who had headed Porsche, took over from Winterkorn when he resigned because of the scandal in September 2015.

"Not only did he safely navigate Volkswagen through that time; together with his team, he also fundamentally realigned the Group's strategy, initiated cultural change and, with great personal commitment, made sure that the Volkswagen Group not just stayed on track but is now more robust than ever before".

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The scandal, in which VW installed emissions-cheating software in 11 million vehicles worldwide, has cost the firm at least $30bn (£22.4bn) in fines and other costs.

Analysts welcomed the appointment of Diess, a former BMW (BMWG.DE) executive who has more than doubled profitability at the VW brand since taking charge in 2015.

Diess, known as a "very good cost manager", would be "the best solution as a successor for the next five years", he said.

Diess appears to have an appetite for change, having warned employees in 2016 that "in its current form, our company is not sustainable".

Gunnar Kilian who has served as Secretary-General of the Volkswagen Group Works Council until now has been appointed as the new member of the Group Board of Management for Human Resources.

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