News appears to be finally trickling out of the Volkswagen Group’s big board meeting in Germany today, and as expected, Porsche chief Matthias Müller has been named VW’s new CEO, according to news reports. (Updating...)
Müller takes over from Martin Winterkorn, who resigned earlier this week as a result of VW’s diesel cheating scandal, and who could have been forced out today had he not stepped down.
Bloomberg reports Müller will also lead Porsche until a successor is found. His reign is credited with boosting the storied performance car brand’s sales and profits significantly in recent years.
Müller said this:
My most urgent task is to win back trust for the Volkswagen Group – by leaving no stone unturned and with maximum transparency, as well as drawing the right conclusions from the current situation. Under my leadership, Volkswagen will do everything it can to develop and implement the most stringent compliance and governance standards in our industry.
More heads are expected to roll as a result of today’s meeting, possibly including Porsche’s chief of engines and Ulrich Hackenberg, Audi’s famed head of R&D.
More on this as we get it.
Update: Volkswagen’s U.S. CEO Michael Horn will keep his job. Also, Skoda CEO Winfried Vahland will become head of a newly-created North American unit.
The Supervisory Board decided on the reorganization of the Group’s activities in North America. The markets in the USA, Mexico, and Canada will be combined and significantly strengthened to form a new North America region. Effective November 1, the Group’s activities in the region will be led by Prof. Dr. Winfried Vahland (58), formerly Chairman of the Board of Directors at Škoda, who in this new role becomes a member of the Volkswagen brand Board of Management. Prof. Vahland’s successor as Chairman of the Board of Directors at Škoda will be Bernhard Maier (55), until now Board Member for Sales and Marketing of Porsche AG. Michael Horn (52) remains President and CEO of Volkswagen Group of America.
Photo credit Getty Images
Contact the author at firstname.lastname@example.org.