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Diess to lead VW Group while Blume heads production

Diess to lead VW Group while Blume heads production

Meet Volkswagen group's CEO Herbert Diess, he has appointed as new CEO to replace the executive.

Gunnar Killan, formerly secretary-general of the VW Group Works Council, has been named to the Group Board of Management for Human Resources.

SEAT, Skoda and light commercial vehicles (LCVs) will sit in the Volume segment, while VW and Audi become the Premium brands.

Diess is a former BMW (EUREX: BMWE.EX - news) executive who has overseen the core Volkswagen brand since 2015.

He takes over the company as a new super manager, running both the group as a whole, with its 640,000 staff worldwide, and the flagship Volkswagen brand as well as the research and development and vehicle IT divisions.

Speaking at a news conference at the company's headquarters in Wolfsburg, Germany, Diess said the company's goal would be "to forcefully and with focus press ahead" with the company's Strategy 2025.

Among the other changes at the company, Frank Witter will lead company IT and Rupert Stadler will lead group sales.

The crisis has so far cost the company more than 25 billion euros ($31 billion) in buybacks, fines and compensation as well as massive reputational damage.

Deputy and Officer involved in Garrett Shooting Identified
An out-of-town relative reportedly called local police after Douglas' friends said they hadn't heard from her since April 3. It's not immediately known whether Douglas died from natural causes or fell victim to homicide.

However, in May 2017 prosecutors in Stuttgart said they were investigating Mr Mueller over suspicions he may have known about the diesel cheating before it became public.

Mueller followed a course toward a new era of multibillion-dollar investments in electric cars and SUVs, which surprised industry observers who identified VW with its diesel roots and small cars.

Upon being asked what could happen to engine maker MAN Diesel and transmissions maker Renk, Diess said the company has assets which will be subject to a review.

Dieselgate has so far cost VW more than 25 billion euros ($31 billion) in buybacks, fines and compensation, and the carmaker remains mired in legal woes at home and overseas.

Shares in Volkswagen closed almost two percent higher to 176.60 euros ahead of the closely-watched board meeting, outperforming the Dax index of leading shares that was up almost one percent.

The move is part of sweeping changes announced by the German company, which also owns several other brands including Audi and Porsche.

"There have been historic episodes where cost cutters have been brought in to sort out the namesake VW brand, but who then leave or are squeezed out before their work is really done", Sanford Bernstein analyst Max Warburton wrote in a note.

One of Diess's biggest challenges as he takes the helm at VW will be to clarify the group's vision for the future as the auto giant navigates between a pivot towards electric vehicles and clinging to the diesel technology it has invested so heavily in over the years.