Volkswagen to replace HR chief with Gunnar Kilian -…

Volkswagen to replace HR chief with Gunnar Kilian -…

Volkswagen is going to hold a meeting of its supervisory board on Thursday to make decision on a new chief executive, bringing forward the meeting that was earlier planned for Friday, a source with information of the matter said.

Volkswagen names core brand head Herbert Diess to replace Matthis Mueller as CEO.

Diess, joined Volkswagen in July 2015, after previously working at BMW.

It said the result of the talks was "currently open" and that Mueller "showed his willingness to contribute" to the changes. The 64-year-old Mueller's contract is due to run until 2020.

Diess, a former BMW executive, has had the hard task of negotiating restructuring and cost-cutting with German worker representatives since becoming head of the Volkswagen brand in 2015.

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The plans were announced after Volkswagen board of directors ousted Matthias Mueller as CEO and discussed ways to overhaul the company, which spans motorbikes, buses, trucks and passenger vehicle brands including Ducati, Bentley, Porsche, Audi, Scania and Skoda. As VW's chief executive officer, "conflict will be part of the program".

Mueller had "signalled he was open to play a part in the changes" in conversations with supervisory board chief Hans Dieter Poetsch, the company said.

Diess would not only head the management board, the top executive body at German companies that reports to the supervisory board, or board of directors.

If Mueller did such a good job under hard circumstances, why change horses in midstream?

Longtime CEO Winterkorn quit days after the firm admitted to installing software in 11 million diesel vehicles worldwide created to cheat regulatory emissions tests in a scandal that became known as "dieselgate". Its profit margin climbed to 7.4 per cent of sales past year from 6 per cent in 2015, when the crisis hit.

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The world's largest automaker is also preparing its truck and bus division for a potential listing.

"We're removing the equivalent of hundreds of thousands of cars from the road by changing out these engines", MPCA Commissioner John Linc Stine said. Matthias Mueller steps down as chairman of the board of management by mutual agreement, effective immediately.

Minnesota will use its share of Volkswagen emissions settlement money to target diesel emissions, with the first phase dedicated to upgrading school buses, heavy trucks and off-road vehicles in public and private fleets.

VW supervisory board members are discussing the creation of a "super premium" group which would include sports auto brands Porsche, Bentley, Lamborghini and Bugatti, the source said.

Volkswagen is more complex than most of its peers, with the Porsche-Piech families de-facto controlling the manufacturer and the state of Lower-Saxony - home to the company's headquarters and VW's main factory - owning 20 per cent.

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