Volkswagen names new chief executive in boardroom revamp

Volkswagen Group has announced Herbert Diess will take the top job at the German vehicle giant as Matthias Mueller steps down after leading the company through the aftermath of the emissions scandal.

Blessing's removal will be part of a broader reshuffle that could affect other senior executives, the source said.

Mr Mueller, a company veteran, was installed at short notice in 2015, a week after the company admitted to cheating USA diesel emission tests, prompting criticism from some investors who said that only an outsider could rebuild trust in the business.

"My most important task will now be to join with our management team and our group workforce in consistently pursuing and pushing forward our evolution into a profitable, world-leading provider of sustainable mobility", Diess said in the statement.

The sprawling corporate network of Volkswagen now employs more than 600,000 staff across the world and includes the brands Volkswagen, Audi, Porsche, Skoda, Seat, Bugatti, Lamborghini and Bentley, as well as a truck producers MAN and Scania. For years, Volkswagen lied through its teeth to regulators and customers both at home and overseas about how clean its diesel cars were.

A separately listed trucks and bus business could have a market value of up to 30 billion euros ($37 billion), Evercore ISI analysts have said. Amid opposition from labor leaders, Mueller failed to sell motorbike maker Ducati previous year.

3rd death reported in IL linked to fake weed
A third person has died after experiencing severe bleeding from synthetic marijuana use in IL , health officials said. The CDC has concurred that the use of synthetic cannabinoids can lead to serious illness or death.

7 killed, scores wounded by Israeli fire in Gaza protest
Israel said around 20,000 people took part in the protests and that they were seeking to breach the border. Journalists were targeted despite wearing flak jackets marked with press identification.

United States imposes sanctions on 24 Russians close to Vladimir Putin
The state-owned Russian weapons trading company, Rosoboronexport and Russian Financial Corporation Bank were also targeted under new sanctions .

Mueller, a former chief executive of sportscar-building VW subsidiary Porsche AG, was brought in to replace Martin Winterkorn in 2015 and was contracted to serve until 2020. "Unions and Lower Saxony together have the power to block his appointment".

Conventional carmakers such as Volkswagen are racing with industry outsiders such as Waymo and Uber to dominate new ways of getting around, such as autonomous taxis and car-sharing services in which people use vehicles only when they need them instead of owning.

The automaker's share price has since recovered, but some lawsuits are still pending.

Labour representatives at Volkswagen VOWG_p.DE are concerned by a sudden rush by the German carmaker's board to approve sweeping changes on Thursday, sources said, while Handelsblatt reported that its finance chief could step down.

Since then, Diess has worked to overcome the reputational damage from the emissions cheating scandal, as well as to cut costs and increase profits at the core Volkswagen brand.

Mr Diess will likely face similar challenges to get Volkswagen's stakeholders to unite.


Popular
  • Encounter in Kashmir's Kulgam, 1 Army Jawan and 3 Civilians Killed

    During the protests, a 28-year-old civilian Sharjeel Ahmad received bullet injuries in stomach and succumbed. This is the second time that four civilians have been killed by security forces near encounter sites.
    Mesut Ozil On Bench - Arsenal Team vs Southampton Confirmed

    Mesut Ozil On Bench - Arsenal Team vs Southampton Confirmed

    But Welbeck ended up having the final say when he headed in from close range to hand Arsenal all three points. Arsenal came back from 1-0 down to beat Southampton 3-2 in a memorable match at the Emirates.
    SUV plunge off Northern California cliff may have been intentional, police say

    SUV plunge off Northern California cliff may have been intentional, police say

    Investigators said there was no evidence the auto collided with the embankment as it "traversed towards the tidal zone below". It remains unclear whether they were in the vehicle during the incident, and police have not yet found any eye witnesses.
  • SC governor offers to send troops for border to Texas

    SC governor offers to send troops for border to Texas

    According to Homeland Security and the latest U.S. "I don't suppose it's a partisan downside or an id downside", he talked about. Meanwhile, the first members of the National Guard in Texas have already made their way to the U.S-Mexico border .
    BJP celebrates 38th foundation day

    BJP celebrates 38th foundation day

    Bharatiya Janata Party (BJP) president Amit Shah on Friday issued a clarification for his remarks on the opposition. Exuding confidence, he said the people will once again show faith in Modi and vote the BJP to power in 2019.
    President Putin is likely to visit the White House soon

    President Putin is likely to visit the White House soon

    The talks were in preparation for Trump's meeting with Putin which took place at the Group of 20 summit in Hamburg in July 2017. Trump specifically invited Putin to the White House during the call, Putin aide Yuri Ushakov told Russian news agencies Monday.
  • Wenger in a Welbeck wonderland after win

    Wenger in a Welbeck wonderland after win

    " Southampton are a team who have good technical quality and I am quite surprised to find them where they are", he said. Goalscorer Charlie Austin echoed his manager's frustration.
    Notre Dame senior captain Jake Evans scores game-winner in Frozen Four

    Notre Dame senior captain Jake Evans scores game-winner in Frozen Four

    The realization had already set in that he would never wear that MI maize and blue again and Dancs' emotions couldn't be hidden. He played three seasons with the Wild-one in the North American Hockey League and two in the British Columbia Hockey League.
    Lawyer linked to Trump campaign sentenced in Russian Federation  meddling probe

    Lawyer linked to Trump campaign sentenced in Russian Federation meddling probe

    Trump has also denied any collusion between himself and the Kremlin and has called Mueller's investigation a "witch hunt". Mueller has described Person A as having "ties to the Russian intelligence service".
  • United States  wants UN vote on Tuesday on Syria gas attack inquiry

    United States wants UN vote on Tuesday on Syria gas attack inquiry

    Meanwhile, at 14 people reportedly died in a missile strike on a Syrian air base overnight, including three Iranians. Defence analysts say a number of Russian troops are also based there, and jets fly regular sorties from T-4.
    The Undertaker Spotted In NOLA Ahead Of WrestleMania

    The Undertaker Spotted In NOLA Ahead Of WrestleMania

    The Undertaker showcased some his favourite moves The Old School, Chokeslam and Tombstone Piledriver to destroy Cena. The Deadman left his trademark trench coat and hat in the ring as the show went off the air in emotional scenes.
    Snapchat takes leaf from Facebook with group video, mentions

    Snapchat takes leaf from Facebook with group video, mentions

    To tag a friend, users insert the '@' sign, type out their friend's username and then tap on the name of the user you want to tag. Facebook Messenger has filters too, but only supports six callers; Houseparty can handle eight callers, but doesn't have filters.

CONNECT