Blume to replace Diess as VW chairman

EPA-EFE/SASCHA STEINBACH

Volkswagen Chairman Herbert Diess (pictured) will step down from his role on September 1, the carmaker said on Friday.

Diess will be replaced by Porsche Chairman Oliver Blume, who will also keep his current role. Volkswagen added its Supervisory Board also decided to give CFO Arno Antlitz an additional role as COO.

"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," Hans Dieter Poetsch, chairman of the Supervisory Board at Volkswagen, stated.

Baha Breaking News (BBN) / NP