House cleaning once again
The past few years at Volkswagen haven't been smooth sailing with the diesel scandal coming to light with various executives being fired or stepping down, sales taking a nosedive, and various fines. Matthias Müller who has been Volkswagen AG CEO since the scandal broke has been trying his best to get the company back on track. But that might not be enough for him to keep his job.
Bloomberg and German paper Handelsblatt have learned from sources that Müller will be stepping down as CEO on Friday. Possibly taking his place is Herbert Diess, head of the Volkswagen brand. According to Reuters, the decision will take place during a meeting of Volkswagen's supervisory board.
"Volkswagen is considering a further development of the management structure of the group which would also be associated with personnel changes in the board of management," said Volkswagen in a statement.
Reportedly, the Porsche and Piech families - the biggest shareholders of Volkswagen - were in agreement to replace Müller.
We'll keep you posted if any new developments pop up.
Source: Bloomberg, Handelsblatt Global, Reuters
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