VW's new chief to outline vision after dieselgate

VW's new chief to outline vision after dieselgate

VW's new chief to outline vision after dieselgate

The restructuring is the most extensive undertaken by the company since the diesel emissions scandal three years ago which cost the company more than 20 billion euros.

"Bundling brands in groups greatly helps to increase synergies", said Bankhaus Metzler analyst Juergen Pieper.

Volkswagen AG's new top manager pledged to speed up the German carmaking giant's decision-making as it confronts a seismic industry change in technology while moving beyond its diesel-emissions scandal.

A renowned cost-cutter, Diess took over from Matthias Mueller on Thursday, thanks to an unprecedented pact with VW's powerful labour bosses, handing them a seat on the company's management board.

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

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The Volkswagen empire owns the Ducati motorbike brand, Scania buses and trucks, passenger auto brands including Skoda, SEAT and Audi (IOB: 0FG8.IL - news), as well as the Bentley, Porsche and Lamborghini luxury marques.

As CEO, Diess will also be responsible for the company's mass market brands Volkswagen, SEAT and Skoda, as well as digital services and vehicle software.

Besides, Volkswagen plans to organize the group into 6 new business areas including a separate China region.

"Diess is a man of action, he is the most plausible choice at VW to lead the group into the next phase of its transformation", said Nord LB analyst Frank Schwope, who has a buy rating on Volkswagen.

Diess, a former BMW AG executive, has had the hard task of negotiating restructuring and cost-cutting with German worker representatives since becoming head of the Volkswagen brand in 2015.

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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. Mueller had been tapped as CEO unexpectedly in September 2015 when Martin Winterkorn resigned over the scandal in which the company had rigged carts to cheat on U.S. emissions tests.

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

As part and parcel of the Diess appointment, the automaker also announced that it is streamlining its product offerings.

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

Gunnar Kilian who has served as Secretary-General of the Volkswagen Group Works Council until now has been appointed as the new member of the Group Board of Management for Human Resources. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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