Porsche CEO Is Taking Over Volkswagen

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Herbert Diess is out, Oliver Blume is in.

Herbert Diess took over as Volkswagen's Chairman of the Board of Management shortly after the Dieselgate scandal broke. He will be replaced on 1 September 2022 by Oliver Blume, the current Chairman of the Board of Management of Porsche AG. Blume will continue as Porsche's boss, likely to provide stability as the German brand goes public.

According to a statement by VW, Diess' exit from the brand was by mutual agreement.

VW originally saw Diess as the right man to steer the brand through the Dieselgate scandal, even though he was also charged under German law with a related crime. Diess was not tied to the original crime, but rather a failure to provide vital financial information to shareholders.

Volkswagen AG
"Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy."

"During his tenure as Chairman of the Board of Management of the Volkswagen Passenger Cars Brand and as Chairman of the Group Board of Management, Herbert Diess played a key role in advancing the transformation of the company. The Group and its brands are viable for the future; its innovative capabilities and earning power are strengthened. Mr. Diess impressively demonstrated the speed at which and consistency with which he was able to carry out far-reaching transformation processes. Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy," said The Chairman of the Supervisory Board, Hans Dieter Potsch.

Hans Dieter Potsch was also charged with the same crimes as Herbert Diess, so his departure is unlikely because of the negative Dieselgate press surrounding the brand.

According to VW, Herbert Diess came up with several innovative product ideas, redesigned product portfolios, and established a clear focus on electromobility. In short, Diess was the main driving force behind VW going fully electric with stellar products like the ID. 4.

VW's software troubles are rumored to be the main driving force behind Diess' axing. The development of new software for the next generation of VAG models is way behind schedule and has resulted in various models being delayed by a year or more.

Oliver Blume joined the Volkswagen Group in 1994 and, since then, has held management positions for the brands Audi, Seat, Volkswagen, and Porsche. He has been the Chairman of the Board of Management at Porsche since 2015 and a member of the Group Board of Management since 2018.

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