Volkswagen replaces CEO Mueller

Volkswagen replaces CEO Mueller

Chief Executive Matthias Mueller is set to be replaced by VW brand boss Herbert Diess after failing to refocus the group's portfolio of vehicle brands, ranging from Skoda to Lamborghini.

Mueller, who formerly headed Porsche, took over as CEO unexpectedly in September 2015 when Martin Winterkorn resigned over the company's scandal over cars rigged to cheat on emissions tests. Several other top managers also were replaced.

In the U.S., Diess steered VW toward new SUVs, including the recently introduced seven-passenger Atlas, which has been well received.

Shares of Volkswagen AG (OTCMKTS:VLKAY) have received an average rating of "Buy" from the nine analysts that are presently covering the stock, Marketbeat.com reports.

The automaker has been fined billions of dollars for using "defeat devices" in vehicles allowing them to circumvent USA emissions laws.

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Labour representatives at Volkswagen VOWG_p.DE are concerned by a sudden rush by the German carmaker's board to approve sweeping changes on Thursday, sources said, while Handelsblatt reported that its finance chief could step down. It didn't identify Mr Diess as a possible successor, and the company declined to comment further.

Droessler said one likely candidate for a VW Settlement grant would be Upper River Services, a company that services barges and operates tow boats in the Mississippi River near downtown St. Paul. But it has a vast bureaucracy compared to the more-efficient Toyota, which is a close second in sales but has only 364,000 employees.

One of Diess's biggest challenges as he takes the helm at VW will be to clarify the group's vision for the future as the auto giant navigates between a pivot towards electric vehicles and clinging to the diesel technology it has invested so heavily in over the years. He is expected to closely shape VW's strategy on self-driving cars and electric vehicles. It said the new structure would streamline decision-making in the individual operating units as the company deals with a rapidly shifting business environment. The move is part of an effort to reorganize the company to do business more efficiently, the company said.

A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen's so called "Blaue Fabrik" (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. "We have previously expressed fears that history might rhyme, and VW might ultimately tire of his medicine". Instead, each state is getting funds to make up for the harm caused by the scandal.

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