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Volkswagen CEO Matthias Mueller resigns unexpectedly.

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In an unexpected move, Volkswagen CEO Matthias Mueller is resigning.

Short News:
Volkswagen’s CEO is unexpectedly stepping down on September 1st, effective immediately.

CEO Herbert Diess will be replaced by Oliver Blume, the president of Volkswagen (VLKAFPorsche )’s performance vehicle business, the firm stated on Friday.

Diess’ departure from Volkswagen, the world’s second-largest carmaker, was not explained by the company.

The Porsche and Piech dynasties, Volkswagen’s biggest shareholders, reportedly seek a new CEO. The company didn’t comment quickly when asked.

Diess’s presidency was busy. He was named CEO in 2018 following Volkswagen’s “dieselgate” debacle, which led in hefty fines in the US and Europe due to misleading emissions readings.

He eventually got over it. Volkswagen will undergo a major transformation because of his concentration on electric automobiles.

Sub:
“The use of an electric focus”

With a goal to have a quarter of its sales from EVs by the end of 2026, VW plans to spend €89 billion on EV development over the following five years.

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