News Volkswagen CEO Matthias Müller to Resign

22:01  11 april  2018
22:01  11 april  2018 Source:

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Update, 9/25: Porsche CEO Matthias Müller has been named the new CEO of Volkswagen Group by the company's Supervisory Board. Our original report on Winterkorn's resignation is below. Martin Winterkorn, the CEO of Volkswagen Group, resigned today amid a scandal involving the emissions

Just two days after its longtime CEO Martin Winterkorn resigned , the Volkswagen Group has a new CEO . Volkswagen announced at its supervisory board meeting Friday that Porsche CEO Matthias Müller would be stepping up as CEO of the Volkswagen Group. This follows the resignation of CEO

a man wearing a suit and tie: Volkswagen CEO Matthias Müller to Resign© Clifford Atiyeh Volkswagen CEO Matthias Müller to Resign

Volkswagen AG CEO Matthias Müller, who in his 31 months in the job has slashed budgets and worked to salvage the German automaker’s reputation following the diesel-emissions scandal, is expected to resign as early as this Friday.

The company released a muddled statement referring to “personnel changes” and stating that Müller “showed his general willingness to contribute to the changes.” German news reports are more direct: Müller will step down, and his likely replacement is VW division chief Herbert Diess, who joined VW in July 2015 after a 19-year career at BMW. The company has not confirmed any details.

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Matthias Müller (born 9 June 1953) is a German businessman who has been the chief executive officer ( CEO ) of Volkswagen AG since 25 September 2015. He had been the CEO of its subsidiary, Porsche

New Volkswagen CEO Matthias Mueller warned workers of “massive cutbacks” to come today at a company meeting. Winterkorn resigned a few days after the EPA accused VW of using an algorithm that detects when its diesel cars are being tested and changes their performance to meet emissions

Müller, 64, replaced former CEO Martin Winterkorn immediately following the company’s admission in September 2015 that it had violated U.S. emissions laws with its “clean diesel” TDI engines. Previously, he had been CEO of Porsche since 2010. Müller is one of the longest-serving VW employees on the board of directors. He began his full-time career with Audi in 1978 following a toolmaking apprenticeship when he was fresh out of high school. Since then, Müller has worked in various research and product-development roles at Audi, SEAT,  Lamborghini, Volkswagen, and Porsche.

In January 2017, the Department of Justice issued arrest warrants for six VW executives, including former environmental director Oliver Schmidt, who in December was sentenced to a $400,000 fine and seven years in prison. A second VW employee not originally named by the DOJ, former engineer James Robert Liang, was sentenced in August to 40 months and a $200,000 fine. The other five VW executives are in Germany and likely never to set foot on U.S. soil in the future. The company pleaded guilty to three criminal felony charges and agreed to a $4.3 billion settlement, to say nothing of the potential billions it faces under class-action lawsuits. Müller himself has not been formally charged with any wrongdoing.

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Volkswagen AG named Matthias Müller as its next CEO Friday following the departure of Martin Winterkorn earlier this week. Since 2010 Müller has been the CEO of Porsche, where he managed to set record revenue and profits during the last fiscal year.

While the vast number of rumors made it seem like a foregone conclusion, Porsche boss Matthias Müller has officially been named Volkswagen Group CEO to replace the recently resigned Martin Winterkorn. Dr. Martin Winterkorn, who offered his resignation on Wednesday.

His priority, besides claiming that the diesel-emissions scandal was caused by a “technical problem” instead of a deliberate attempt to break the law, has been to shift VW’s management and its product portfolio in an entirely new direction. Müller initiated financial reviews into every single model the Volkswagen Group builds, killed all diesel imports to the United States, reorganized the entire North American division, and, most boldly for a German automaker that had staked so much of its profits on diesel-powered cars, committed to a hyperaggressive plan to sell at least 30 battery-electric cars across the group’s 12 brands by 2025. Under Müller, the company posted a 6 percent operating profit in 2017—a healthy $16.6 billion—even after accounting for the diesel scandal.

More details on Müller’s departure should be announced shortly.

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