Volkswagen AG said Chief Executive Officer Herbert Diess is stepping down from the top job and leaving the car maker’s management board effective Sept. 1, a surprise move amid the car giant’s recent pivot toward electric vehicles.
Diess will be succeeded by Oliver Blume, who is also CEO of the car maker’s sports-car brand Porsche AG, Volkswagen
said. Arno Antlitz, who currently is chief financial officer of the company, will take on the additional role as chief operating officer, the German car maker said.
See also: Volkswagen’s CEO is leaving. Why Tesla investors should be happy.
The chairman of Volkswagen’s supervisory board, Hans Dieter Pötsch, credited Diess for his leadership amid a transition at the company: “Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy,” Pötsch said.
An expanded version of this report appears at WSJ.com.
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