VW chief executive soon replaced
According to Reuters, Volkswagen’s chief executive Matthias Mueller will be replaced by brand chief Herbert Diess to give the brand a fresh start after its emissions scandal.
The replacement of Matthias has been planned for months. The new change in leadership will also include the removal of several board members, including Francisco Garcia Sanz and Karlheinz Blessing.
The replacement of Matthias and the other board members is a result of VW’s admittance to cheating U.S. diesel emissions test. The company faces billions in fines, vehicle refits and lawsuits. Investors and stake holders have lost trust in the internal judgement of the company and believed only an outsider could rebuild trust in the company.
Despite Matthias launch of a reform plan to invest billions of euros into electric vehicles and boost VW’s focus, he has struggled to create changes.
Volkswagen has a supervisory board meeting planned to converse a stock market listing for its trucks and bus division with the aim of creating a more focused company.