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The Wall Street Journal: Volkswagen CEO Herbert Diess to depart; Porsche’s top executive will succeed him

Volkswagen AG said Chief Executive Officer Herbert Diess is stepping down from the top job and leaving the car maker’s management board effective Sept. 1, a surprise move amid the car giant’s recent pivot toward electric vehicles.

Diess will be succeeded by Oliver Blume, who is also CEO of the car maker’s sports-car brand Porsche AG, Volkswagen
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said. Arno Antlitz, who currently is chief financial officer of the company, will take on the additional role as chief operating officer, the German car maker said.

See also: Volkswagen’s CEO is leaving. Why Tesla investors should be happy.

The chairman of Volkswagen’s supervisory board, Hans Dieter Pötsch, credited Diess for his leadership amid a transition at the company: “Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy,” Pötsch said.

An expanded version of this report appears at WSJ.com.

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