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Volkswagen’s CEO is stepping down in a surprise move

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New York (CNN Business)Volkswagen’s CEO is leaving his post in a surprise move, effective September 1.

The company announced Friday that Herbert Diess is leaving the top job at Volkswagen (VLKAF) AG, the world’s second largest automaker. Volkswagen did not provide a reason for the exit of Diess, who will be replaced by Oliver Blume, the head of VW’s Porsche performance car division.

It was a busy and challenging tenure for Diess. He took the reins at Volkswagen in 2018, in the wake of its “dieselgate” scandal that forced the company to pay massive US and European fines for deceptive emissions readings.

Still, Diess was able to put that scandal mostly in the rearview mirror. And he focused on electric vehicles more than many established automakers, positioning Volkswagen for a major shift.

As part of the management management shakeup, chief financial officer Arno Antlitz will become chief operating officer.

For more information please visit: www.edition.cnn.com

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