Published: Wed, April 11, 2018
Industry | By Dora Warner

As Diesel Scandal Fades, VW Is Planning to Replace Its CEO

As Diesel Scandal Fades, VW Is Planning to Replace Its CEO

The company also said that Muller "showed his general willingness to contribute to the changes".

German media outlets are reporting that Herbert Diess, Volkswagen's brand chief, is set to replace Matthias Mueller in the CEO's chair. A decision could be made as early as Friday.

"The Volkswagen group is considering further evolving the leadership structure, which could be connected with changes in the board... a change to the chief executive could be involved", VW said in a statement. At the close of trading Tuesday, the company's shares were up 4.5 percent.

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Supervisory board chief Hans Dieter Pötsch had been "speaking with different members of the supervisory and executive boards" about moving or replacing some of them, the statement also said, adding that Müller "signaled he was open to play a part in the changes".

The German business publication believes theMueller's ouster is being engineered by the company's major shareholders, including the Porsche and Piech families, the German state of Lower Saxony, and Qatar, who are all keen for a reboot after the Dieselgate affair. The announcement comes in the wake of a scandal in which the company was accused of fitting its diesel engines with devices to pass emissions tests.

In tapping the 59-year-old Diess for the top job, Volkswagen would elevate a senior executive from its own ranks, while handing the reins to someone who was not at the automaker when the diesel cheating began.

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Mueller's likely departure comes two days after Deutsche Bank, another pillar of corporate Germany, dismissed its chief executive, John Cryan, in pursuit of a more rapid turnaround following years of losses.

454,000 units were delivered on the continent in the three-month period, a 6% rise compared to the 428,200 figure recorded a year ago. Prior to joining the Wolfsburg-based automaker in 2015, Diess was BMW's head of development, and is widely credited with slashing costs.

Volkswagen declined to comment on whether the board was poised to name Diess as new CEO.

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