The world’s largest automaker, Volkswagen restructured the group’s management structure and announced Dr. Herbert Diess as the new Chairman of the Board of Management. Herbert Diess replaces Matthias Muller who is stepping down as chairman by agreement, effective immediately. Apart from this, Oliver Blume, Porsche CEO will be joined to the group Board of Management.
Last year, Volkswagen suspended a top executive after news comes as the company was involved in the tests of the effects of diesel fumes on humans and monkeys. Prior to this, the company admitted that it had used devices to the skew results on US emission tests.
Hans Dieter Potsch, Chairman of the Supervisory Board said, “Matthias Muller has done outstanding work for the Volkswagen Group. He assumed the chairmanship of the Board of Management in the fall of 2015 when the company faced the greatest challenge in its history.”
Further, Potsch added, “Not only did he safely navigate VW through that time; together with his team, he also fundamentally realigned the group’s strategy, initiated cultural change and, with great personal commitment, made sure that the Volkswagen Group not just stayed on track but is now more robust than ever before. For that, he is due to the thanks of the entire company.”
The company will divide itself into six new business areas as part of an effort to decentralize responsibility and improve efficiency. Additionally, the carmaker will prepare its truck and bus division for “capital market readiness” by making it a public limited company.