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VW's New CEO Asserts Authority As Sets Out On Road To Reform

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Shake-up at Volkswagen to allow faster decision making

The last resigned after "diesel scandal".

He assumes control from Matthias Mueller, who was designated in 2015 at the stature of the diesel emanations outrage.

"The Volkswagen Group's goal is and remains to align the company and its brands with future needs, to safeguard its position among the leaders of the global automotive industry with innovativeness and profitability and to be instrumental in shaping tomorrow's personal mobility with the strength of our Group brands", said chairman of the Supervisory Board Hans Dieter Pötsch in the statement announcing the changes.

The restructuring comes at an important time for the group as it continues to implement its future growth and technology plan, Strategy 2025, which includes major electrification projects. The new vehicle brands will be Volume, Premium and Super Premium.

This was not the only shift in the Volkswagen: Porsche CEO Oliver bloom joined the Board of governors of the concern and the head of Audi, Rupert Stadler will now be responsible for global sales group.

Europe's largest automotive group is poised to replace group chief executive Matthias Mueller this week with Diess, a cost-cutter hired in 2015 from BMW as it seeks fresh impetus for its recovery from an emissions scandal.

"The Volkswagen Group is a union of strong brands with great potential".

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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.

"In a phase of profound upheaval in the automotive industry, it is vital for Volkswagen to pick up speed and make an unmistakable mark in e-mobility, the digitalisation of the automobile and transportation as well as new mobility services", Diess said in a statement.

The Volkswagen empire owns the Ducati motorbike brand, Scania buses and trucks, passenger auto brands including Skoda, SEAT and Audi (IOB: 0FG8.IL - news), as well as the Bentley, Porsche and Lamborghini luxury marques. Six others have been indicted and have been advised to stay out of the U.S.

As well as cars, the VW empire spans motorbikes, bus, and truck operations. In 2015, Volkswagen admitted it had used special devices created to skew results on USA emissions tests.

As of February, VW had spent more than $7.4 billion in buying back about 350,000 vehicles. Meanwhile, Dr. Franciso Javier Garcia Sanz who has been the head of Procurement and the Chairman of the Supervisory Board of the SEAT brand will be leaving the company. The automaker has replaced him on an interim basis with brand purchasing head Ralf Brandstaetter.

VW additionally reported that works board official Gunnar Kilian would supplant Karlheinz Blessing as HR boss.

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