Volkswagen’s Diess plans to resign from CEO role at the end of August

Volkswagen AG CEO Herert Diess has reportedly informed the company that he plans to leave at the end of August, a new report from German media outlet n-tv said.

Volkswagen’s board reportedly has agreed with Diess in terms of the departure, the report suggests.

In the short report, Diess apparently surprised Volkswagen’s other executives when he informed them of his plans. A successor is in place, and will reportedly be Oliver Blume, who is the head of VW brand Porsche.

Blume will reportedly also continue to work as the head of Porsche as the automaker plans to launch an IPO in the fall. Arno Antlitz will also support Blume operationally, the report said. Blume has been considered as a worthy replacement for Diess for some time.

Diess and Volkswagen have clashed lately, especially since the VW AG CEO has pushed to accelerate the company’s electrification efforts. He warned the company that a failure to transition to electric vehicles in a timely fashion could cost 30,000 employees their jobs. Volkswagen’s labor union did not appreciate the comments, assuring workers that no eliminations in headcount would be made. Ultimately, Volkswagen’s board assigned a “mediation committee” to discuss Diess’s future at the company. He rescinded several responsibilities as a result of an agreement of punishment between him and the Mediation Committee.

Following the Mediation Committee’s decision, the report seems to indicate that Blume’s name was mentioned as a successor.

Diess has repeatedly commented on his desire for VW to catch Tesla, the leader in EVs, recently. Tesla CEO Elon Musk has even stated that Volkswagen is the number two EV company globally.

Diess has been VW’s CEO since 2018. The decision was made “consensually,” and the previously-mentioned power struggles between Diess and VW likely attributed to that.

This story is developing. Please check back frequently as we provide additional updates.

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