Volkswagen Group: new chairman named; shares rise
(CercleFinance.com) - Volkswagen Group said late on Thursday that it has decided to appoint Herbert Diess as the new chairman of its management board.
Diess, who has been chairman of the Volkswagen passenger cars brand since 2015, will succeed Matthias Müller, who is stepping down as group chairman by mutual agreement, effective immediately.
"So investors get their guy as CEO," one analyst said this morning, highlighting the appointment of a "cost-cutter" in charge of the group.
In addition to Diess' appointment, VW also announced the introduction of three key divisions - Volume, Premium and Super Premium - along with the planned separation and IPO of its truck & bus unit.
Shares in Volkswagen are currently up 1% at 175.7 euros, outperforming Frankfurt's main index, the DAX, which is up 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Diess, who has been chairman of the Volkswagen passenger cars brand since 2015, will succeed Matthias Müller, who is stepping down as group chairman by mutual agreement, effective immediately.
"So investors get their guy as CEO," one analyst said this morning, highlighting the appointment of a "cost-cutter" in charge of the group.
In addition to Diess' appointment, VW also announced the introduction of three key divisions - Volume, Premium and Super Premium - along with the planned separation and IPO of its truck & bus unit.
Shares in Volkswagen are currently up 1% at 175.7 euros, outperforming Frankfurt's main index, the DAX, which is up 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.