Volkswagen News: CEO Herbert Diess named chairman of Brand Board

Volkswagen issued a press release on Friday announcing that the Volkswagen brand CEO Herbert Diess has been named chairman of the board of directors. The release stated that Diess will become Chairman of the…

Volkswagen News: CEO Herbert Diess named chairman of Brand Board

Volkswagen issued a press release on Friday announcing that the Volkswagen brand CEO Herbert Diess has been named chairman of the board of directors. The release stated that Diess will become Chairman of the Brand Board on November 2, after additional appointments to the company’s board of directors. Also announced was the resignation of Volkswagen’s C.E.O. Matthias Müller.

Diess has been at the helm of the Volkswagen brand since February 2017, taking over from Mueller who held the position from May 2015 until February 2017. His appointment means that there will now be six board members for Volkswagen’s six brands.

Volkswagen released this statement on Friday:

“Mr. Diess joins as Chairman of the Brand Board with immediate effect. The Brand Board approves Strategy 2025, unveiled in the Volkswagen Vision 2025 (Haller) in Wolfsburg on the 5th of April 2017, and Volkswagen will be represented on all Volkswagen’s boards.

Furthermore, the Volkswagen brand has been strengthened at all levels with the following appointments: Bernd Pischetsrieder (Chairman of the Board of Management), Tilman Engler (Chairman of the Executive Committee) and Ferdinand Piech (Chairman of the Executive Committee) will become Chairman of the Brand Board, with immediate effect. Matthias Müller has already informed the supervisory boards of the Member companies that he has decided to tender his resignation. Mr. Müller will therefore be chairman of the Supervisory Board for the next 1 year. After this time, he will be eligible to occupy the supervisory board seats. Mr. Öswald Seggen-brand, currently VW brand C.E.O., will temporarily take up the duties of C.E.O. until the Company can appoint a successor.”

Müller announced his resignation in a Volkswagen press release dated September 26, a day after commenting on a report from Business Insider that stated the company did not yet see clear way forward for the future development of the car maker. Müller’s resignation surprised investors. According to the Financial Times , VW rose 3% on Monday following the news of Müller’s resignation, with investors also relieved that the political uncertainty surrounding VW’s diesel scandal continues to come to an end.

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