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Business

Volkswagen CEO Herbert Diess stepping down, to be replaced by Porsche chief

By
Reuters
Published July 22, 2022
Updated July 22, 2022, 1:24 p.m. ET

Volkswagen’s Herbert Diess is stepping down as chief executive, VW said on Friday, a major change at the helm of one of Germany’s most prominent global companies.

The move is effective Sept. 1, and he will be succeeded by Oliver Blume, the chief of the company’s Porsche sports car division.

Diess’ future at Volkswagen has been in doubt on multiple occasions during his four-year stint as CEO, most recently in autumn last year over clashes with the company’s powerful works council about his electrification strategy and management style.

The Porsche and Piech families, major shareholders in Volkswagen, saw the need for a change, two sources with knowledge of the matter said on Friday.

His departure comes as the company is pushing to beat Tesla at becoming the world’s top electric vehicle maker, catch up on software and execute an IPO for its Porsche sports car brand.

CEO Herbert Diess
Herbert Diess’ future at Volkswagen has been in doubt on multiple occasions durinng his four-year stint as CEO. REUTERS

Diess, in a LinkedIn post before the announcement of his departure, said: “After a really stressful first half of 2022 many of us are looking forward to a well-deserved summer break.”

Blume said in a statement: “My focus will be on the customers, brands and products.”