VW CEO Herbert Diess to Retire; Porsche's Blume to Take Over

Volkswagen AG CEO Herbert Diess will step down as of September 1, and Porsche CEO Oliver Blume will assume his duties, the company announced in a press release Friday. CEO Diess will also step down as chairman of the Group Management Board of VW AG. Blume will remain CEO of Porsche and will also assume the chairmanship of VW AG.

The company's supervisory board took this decision at its meeting on Friday.

Diess led the company through turbulent times. He took over from VW AG CEO Matthias Müller in 2018 in the wake of the 2015 Dieselgate scandal. Prior to that, he was CEO of the Volkswagen passenger car brand out of the VW Group's 12-brand portfolio. Diaz oversaw Volkswagen's continued transition to an electric vehicle lineup of more than 25 models in total through 2030, beginning with the ID.4 crossover in 2020, the ID.Buzz in 2023, and new electric SUVs through 2026.

"During his tenure as Chairman of the Management Board of the Volkswagen Passenger Car Brand and Chairman of the Group Management Board, Herbert Diess played a key role in driving the company's transformation," the company said in a statement.

Blume joined the VW Group in 1994 and held management positions at Audi, Seat, and VW; he became chairman of the board of Porsche in 2015 and a member of the VW Group board in 2018.

"Oliver Blume has proven his managerial and strategic skills in various positions within the Group and across several brands, managing Porsche AG from a financial, technical and cultural perspective for seven consecutive years with great success. In the view of the Supervisory Board, he is now the right person to lead the Group and to further strengthen its customer orientation and brand and product positioning," said Hans-Dieter Petsch, Chairman of the Supervisory Board.

The VW Group has expressed interest in an IPO of Porsche, and Friday's announcement stated that Blume would remain chairman of the Porsche board if the IPO were to take place.