Volkswagen Group CEO to be replaced soon

Volkswagen flags potential major management changes

"The Volkswagen group is considering further evolving the leadership structure, which could be connected with changes in the board. a change to the chief executive could be involved", VW said in a statement.

Shares in Volkswagen surged in Tuesday afternoon trading, adding as much as five percent on the day before paring their gains to around 4.0 per cent at a price of 170.84 euros around 3:30 p.m.

German carmaker Volkswagen is considering replacing its CEO Matthias Muller in a management reshuffle.

Automotive News, citing two people close to the automaker, reports VW's supervisory board could meet Friday. Mr. Diess has been running the Volkswagen brand since 2015.

VW has admitted to using software, known as a defeat device, in the 2009-2015 Audi A3 and the Volkswagen Beetle, Golf, Jetta and Passat TDI cars with 2.0-liter diesel engines to trick emissions tests.

Prior to joining VW, Diess was an executive at BMW. It said Chairman Hans Dieter Poetsch will spearhead the transition, and that Mueller has "showed his general willingness to contribute to the changes". Its profit margin climbed to 7.4% of sales previous year from 6% in 2015, when the crisis hit.


The issue with restructuring VW lies with a tug a war between interested parties including the controlling families, stakeholders, and unions.

Kilian, who works directly under labor boss Bernd Osterloh, will replace personnel chief Karlheinz Blessing, the sources said, giving workers representatives a direct say on strategy and cost-cutting.

The move would be a major concession by management to worker representatives, potentially handing labour leaders insight into management plans for investments and cost cutting plans. A timeline as to how soon Diess could replace Mueller is unknown.

"We see no better alternative to Matthias Mueller to make the company fit for the future". Other potential CEO candidates include Volkswagen's trucks chief and Daimler veteran Andreas Renschler.

Volkswagen chose not to comment on Handelsblatt's information. The company declined to comment further.

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