Volkswagen Set To Promote Diess To Replace Mueller As Boss In Shake-Up

Volkswagen Set To Promote Diess To Replace Mueller As Boss In Shake-Up

Shares in Volkswagen jumped on the news, and closed up 4.5 percent at 171.58 euros.

Volkswagen Group says it is contemplating a management reshuffle that raises questions about CEO Matthias Mueller's future with the company.

On the basis of these considerations, the chairman of the supervisory board of Volkswagen is now in discussions with certain members of the management. Diess joined VW from German rival BMW AG in mid 2015, shortly before the scandal erupted publicly.

Mueller, 64, was head of Volkswagen's richly profitable Porsche division when he unexpectedly was handed the CEO job in September 2015.

Europe's largest automotive group has been pondering steps to become more nimble, including carving out truck operations via a stock sale, as it spends billions of euros on electric cars and new mobility services.

"It is now open whether the considerations and discussions will lead to a further development of the management structure or to personnel changes", VW said in the statement.

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"Mr Matthias Müller showed his general willingness to contribute to the changes", the statement added.

A former chief executive of VW subsidiary Porsche, he was brought in to replace long-time CEO Martin Winterkorn at the height of the dieselgate scandal in late 2015. As the executive overseeing VW's biggest unit, he has routinely butted heads with powerful labor leaders as he has sought to cut costs and simplify the carmaker's byzantine structure.

The management upheaval contrasts with a strong operating performance at the carmaker which previous year posted record auto sales and profit. Porsche said in a separate release that any changes at VW would be reflected in its management.

Volkswagen chose not to comment on Handelsblatt's information.

VW (vlkay) said in a statement earlier on Tuesday that Chairman Hans Dieter Poetsch is now in discussions with top executives and supervisory board members about management board changes and that Mueller, 64, has "showed his general willingness to contribute to the changes". The works council, whose members occupy half the seats on the supervisory board, also declined comment.

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