As Volkswagen announced, Herbert Diess and the Supervisory Board have agreed that the CEO will “mutually” resign effective September 1, 2022. His successor will be Porsche CEO Oliver Blume, who will also remain CEO of the sports car subsidiary.
As VW further announced, CFO Arno Antlitz will also act as Chief Operating Officer in the future.
Future VW boss Blume also wants to lead Porsche in the long term
The future Volkswagen boss and former Porsche boss Oliver Blume also wants to lead Porsche in the long term. The Porsche team can rely on that, said Blume, according to a statement on Friday evening. This also applies after a possible IPO. “We have successfully positioned Porsche technologically, economically and culturally,” said Blume. He is very pleased to be leading Porsche AG and the Volkswagen Group together. The sports car manufacturer is part of the VW Group.
The incumbent VW boss Herbert Diess had agreed with the supervisory board to leave on September 1, as VW had surprisingly announced beforehand. His successor, Blume, will take over as CEO and continue in his role as CEO of Porsche.
Bernstein leaves Volkswagen on ‘market perform’
The US analysis company Bernstein Research has left the Volkswagen preferred shares (Volkswagen (VW) vz) on “Market-Perform” with a price target of 160 euros in view of the decision to replace CEO Herbert Diess. The automaker makes a bad situation in management even worse, analyst Daniel Roeska wrote in a study available on Friday. Under the Porsche boss Oliver Blume one apparently hopes for a more successful software strategy. But it will be months before new plans become known. In his view, it is the wrong time for a new appointment while the group is heading for a challenging 2023.
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