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Volkswagen's CEO is stepping down in a surprise move

Volkswagen's CEO is stepping down in a surprise move



Volkswagen unveils ID Life at auto showReplayMore Videos ... (16 Videos)Volkswagen unveils ID. Life at auto showBlazer EV brings Chevy into the crowded mid-size electric SUV marketSee Ford's new Raptor pickup with desert-running powerCadillac Lyriq review: Take a drive in fully electric luxuryThis is how much a restored Jaguar with electric power will cost youTesla should be worried about this electric luxury carBill Ford on electric pickup truck: 'We are way ahead of everybody else'Lamborghini's last Aventador Coupé with an NFT sold for $1.6MReview: The electric Toyota BZ4X is perfectly fineGMC's electric Hummer is an off-road monster that can run errandsToyota turbocharges Corolla with sporty updateMeet Maserati's new SUV GrecaleBMW CEO hopes 50% of their vehicles will be electric by 2030See Volkswagen's iconic hippie microbus, but electricSee the most valuable Japanese car in the worldSee the new 677 horsepower electric Mercedes-Benz AMG EQENew 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.Read More— This is a developing story.


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