World News | Volkswagen CEO Will Step Down by Sept. 1

Vienna, Jul 22 (AP) Herbert Diess, the CEO of the German automaker Volkswagen, is stepping down, the company announced Friday.

The Wolfsburg, Germany-based company said Diess, who took over as CEO in 2018, will depart September 1 “by mutual consent” with the board. His contract was set to expire in 2025.

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Diess presided over the automaker at a time of significant change in the industry, including a shift toward producing more electric vehicles.

Hans Dieter Pötsch, chairman of Volkswagen's supervisory board, thanked Diess in a statement and praised his role in “advancing the transformation of the company.”

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“Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy,” Pötsch said.

Oliver Blume, who is now CEO of Porsche, will succeed Diess. Volkswagen also said the company's chief financial officer, Arno Antlitz, will become the new chief operating officer.(AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)