VW’s Herbert Diess (Photo by Sean Gallup/Getty Images)
Volkswagen said Friday Group CEO Herbert Diess is stepping down, an unexpected move that will shock investors.
The move came after European stock markets closed. VW shares closed trading Friday at €134.32, off just over 1%. The STOXX Europe 600 Auto Index closed at 524.73 almost unchanged on the day
Diess will leave Sept. 1, and he will be succeeded by Porsche boss Oliver Blume. VW owns Porsche.
Blume will continue as Porsche chief, VW said.
During his 4-year tenure, Diess had often come under pressure after clashes with the company’s powerful union because of his electrification strategy and management style. But there had been no hints he might soon leave the company.
Source: https://www.forbes.com/sites/neilwinton/2022/07/22/vw-chief-diess-to-leave-replaced-by-porsches-blume/