Economy

New CEO Herbert Diess is 'the related payment killer'

New CEO Herbert Diess is 'the related payment killer'

This management reshuffling comes in the aftermath of VW's diesel emissions scandal that saw the company admit to using software, known as a defeat device, in the 2009-2015 Audi A3 and the Volkswagen Beetle, Golf, Jetta and Passat TDI cars with 2.0-liter diesel engines to trick emissions tests.

Longtime CEO Winterkorn quit days after the firm admitted to installing software in 11 million diesel vehicles worldwide created to cheat regulatory emissions tests in a scandal that became known as "dieselgate".

VOLKSWAGEN has chosen Herbert Diess as its new chief executive in an overhaul that includes streamlining the company's multiple auto brands into just three groups while preparing its truck business for a potential listing.

Having joined from BMW just a few months before the cheating became public knowledge, Diess has the advantage of being largely untainted by dieselgate - giving VW a chance at a fresh start.

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.

The carmaker remains mired in legal woes overseas and in its home market, where it also faces looming diesel bans in some smog-clogged inner cities that have already depressed resale prices to the chagrin of millions of motorists.

As an outsider who didn't come up through the Volkswagen ranks as did Mueller, Diess must master the company's unique and sometimes unwieldy corporate culture, which includes a major government stakeholder in the state of Lower Saxony and strong employee representation that has tended to hinder cost-cutting.

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"The new VW boss Diess has a long to-do list", Greens party parliamentary leader Anton Hofreiter told Germany news agency DPA. "Otherwise, the charge of secrecy and cronyism will keep sticking to VW in future".

Diess, the relative newcomer to VW, promised that "we will continue to anchor integrity and compliance within the whole organisation".

Besides, Volkswagen plans to organize the group into 6 new business areas including a separate China region. It will also bundle its 12 brands of vehicles into three groups labeled "volume", "premium", and "super-premium".

"He assumed the chairmanship of the board of management in the fall of 2015 when the company faced the greatest challenge in its history".

The truck and bus division, the fourth business group, would be made ready for capital markets, a step that could include selling shares in the division, the statement said.

"Matthias Muller has laid the groundwork for our transformation", Diess said in the release.


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