Volkswagen names Herbert Diess as new CEO

2019 Volkswagen Jetta

Luxury group Audi will be placed in a separate premium division and high-end brands Porsche, Bentley, Bugatti and Lamborghini in a super-premium group. The news comes as the company carries out a major overhaul of its management infrastructure.

Dieselgate has so far cost VW more than 25 billion euros ($31 billion) in buybacks, fines and compensation, and the carmaker remains mired in legal woes at home and overseas.

"Volkswagen is thus systematically continuing to transform its business and establishing even more efficient group management in a phase of highly dynamic change in the company and the entire automotive industry".

One of Diess's biggest challenges as he takes the helm at VW will be to clarify the group's vision for the future as the auto giant navigates between a pivot towards electric vehicles and clinging to the diesel technology it has invested so heavily in over the years.

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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. It will also split its brands into three new vehicle groups: value, premium and super-premium.

Muller, formerly the CEO of Porsche, took the helm of the group in the aftermath of the diesel scandal in 2015, in which the company had been found to be installing "defeat devices" in their cars to cheat emissions tests.

The company also is replacing its heads of human resources and purchasing.

"Diess is a man of activity, he is the most conceivable decision at VW to lead the gathering into the following period of its change", said Nord LB examiner Frank Schwope.

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He also set a goal to sell 1 million VW-branded electric cars by 2025 and make Volkswagen "the leading manufacturer of electric cars". The 60-year-old Austrian was formerly the director of the company flagship brand Volkswagen.

He stressed however that VW remains opposed to costly hardware fixes for its cars as well as to urban diesel bans.

As part of the reorganization, the Volkswagen Group has announced that Audi CEO Rupert Stadler will head Group Sales, while Porsche CEO has been appointed to the Group Board of Management and will oversee the Group production.

His cost-cutting measures and other changes are seen at top levels to have been essential to the record earnings the vehicle group posted a year ago.

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