Volkswagen's new CEO is 'the cost killer'

Matthias Muller in the 911 Speedster

Mueller's abrupt exit after less than three years, even after a stellar improvement in Volkswagen's earnings, stems from key stakeholders' decision to bring in fresh leadership as the company emerges from its diesel emissions-rigging crisis.

VW administrator Hans Dieter Poetsch said in an announcement that Mr. Mueller had done "extraordinary work" for the organization. He helped steer the company out of its diesel emissions scandal and into a new era of investment in electric cars.

As part of the reorganization, the Volkswagen Group has announced that Audi CEO Rupert Stadler will head Group Sales, while Porsche CEO has been appointed to the Group Board of Management and will oversee the Group production.

The group's structure is now composed of six divisions including "volume", "premium" and "super-premium" segments.

SEAT, Skoda and light commercial vehicles (LCVs) will sit in the Volume segment, while VW and Audi become the Premium brands.

Volkswagen's new Chief Executive Herbert Diess embarked on the most far-reaching shake-up in the carmaker's history on Friday, seeking to unite a company whose feuding factions have often slowed reform.

Contract 62-year-old Matthias Mueller expires in 2020 Your post he took up in 2015, replacing Martin Winterkorn. Prior to this, the company admitted that it had used devices to the skew results on USA emission tests.

"Not only did he safely navigate Volkswagen through that time, together with his team, he also fundamentally realigned the group's strategy".

The appointment of Diess comes as VW investors are demanding for increased profitability.

The carmaker will prepare its truck and bus division for "capital market readiness" by making it a public limited company as a prelude to a potential listing, confirming a Reuters report from last month.

Oliver Blume, chairman of Porsche's board of management.

Speaking at a news conference at the company's headquarters in Wolfsburg, Germany, Diess said the company's goal would be "to forcefully and with focus press ahead" with the company's Strategy 2025.

The management shakeup included appointing an employee representative, Gunnar Kilian, as chief human resources manager.

Diess brings an outsider's perspective to the job, having joined Volkswagen in July 2015 after spending almost two decades at rival German automaker BMW.

"We believe we can not control and manage this century, but our group activities will be co-ordinated and our political relationships will be well maintained", said Diess, when asked how the company plans to stay ahead of a constantly evolving auto industry.

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