Volkswagen CEO Herbert Diess To Depart; Porsche Brand's Oliver Blume Named Successor

Volkswagen AG VWAGY board of directors has appointed Oliver Blume as the new Chairman of the group board of management.
Blume will assume office from September 1, 2022. He will also continue as chairman of the board of management of Dr. Ing. h. c. F. Porsche AG, continuing in the latter capacity also after a possible IPO.
Herbert Diess will resign as chairman of Volkswagen's board of management by mutual agreement.
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Oliver Blume joined the Volkswagen Group in 1994 and held management positions for several brands.
The company's Supervisory Board also resolved that Group CFO Arno Antlitz will additionally assume the position of COO and thus assist Blume with day-to-day operations.
Price Action: VWAGY shares are trading lower by 0.64% at $19.25 on the last check Friday.
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