Published: Sat, April 14, 2018
Money | By Armando Alvarado

Volkswagen Group appoints new CEO amid major restructuring

Volkswagen Group appoints new CEO amid major restructuring

The plans were announced after Volkswagen board of directors ousted Matthias Mueller as CEO and discussed ways to overhaul the company, which spans motorbikes, buses, trucks and passenger vehicle brands including Ducati, Bentley, Porsche, Audi, Scania and Skoda.

The move is part of sweeping changes at the group, which includes Volkswagen, Skoda, Seat, Audi as well as luxury brands Bentley, Bugatti, Porsche and Bentley. Diess came to Volkswagen only two years ago from competitor BMW and takes over with a mandate to press changes in the company's insular management culture.

Muller was named CEO in 2015 after overseeing VW's Porsche brand, and has somehow led the automaker to record sales and profits as it dealt with an emissions scandal. Eight managers were charged with criminal offenses in the United States and the company paid more than $20 billion in fines, settlements and penalties.

Besides, Volkswagen plans to organize the group into 6 new business areas including a separate China region.

Mr Mueller, a former boss at Porsche, took over as VW CEO unexpectedly in September 2015 after Martin Winterkorn resigned over the scandal.

Gunnar Kilian, from the company's works council, becomes group head of human resources, succeeding Karlheinz Blessing, who will be available as a consultant until his contract expires.

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Volkswagen VOWG_p.DE is concerned that a row between the United States and Russia over new sanctions imposed by the United States could hit business with its Russian partner GAZ Group GAZA.MM , Chief Executive Herbert Diess said on Friday.

"My most important task will now be to join with our management team and our group workforce in consistently pursuing and pushing forward our evolution into a profitable, world-leading provider of sustainable mobility", Diess said in the statement.

"Not exclusively did he securely explore Volkswagen through that time, together with his group, he likewise on a very basic level realigned the gathering's system". It will also split its brands into three new vehicle groups: value, premium and super-premium.

Mueller followed a course toward a new era of multibillion-dollar investments in electric cars and SUVs, which surprised industry observers who identified VW with its diesel roots and small cars.

Chairman of the Supervisory Board Hans Dieter Pötsch, said: "We've already accomplished a great many things since Autumn 2015; we managed the greatest corporate crisis in its corporate history".

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