Herbert Diess steps down as CEO of Volkswagen

Herbert Diess steps down as CEO of Volkswagen

  • The board of directors of Volkswagen AG (OTC:VWAGY) has appointed Oliver Blume as the new chairman of the group’s management team.
  • Blume will take up the role from September 1, 2022. He will also continue as chairman of the management team of Dr. Ing. hc F. Porsche AG, continuing in the latter role also after a possible IPO.
  • Herbert Diess will step down as Chairman of the Volkswagen Board of Directors by common consent.
  • Oliver Blume joined the Volkswagen Group in 1994 and has held management positions at various brands.
  • The company’s Supervisory Board also clarified that the group’s CFO, Arno Antlitz, will also take over as COO and thus help Blume with day-to-day operations.
  • The price move:  Shares of VWAGY were trading 0.64% lower at $19.25 when last checked on Friday.
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