SHAKE-UP
VW expected to place Herbert Diess in the driving seat
Munich/Frankfurt — Volkswagen (VW) is set to name the head of its namesake brand, Herbert Diess, as its next CEO to succeed Matthias Mueller, in a surprise shake-up of top management after emerging from the years-long diesel crisis. The supervisory board will vote on the change in top leadership at a meeting on Friday, according to people familiar with the matter, who asked not to be identified speaking ahead of an official announcement. Mueller has two years left on his contract. The shares jumped as much as 5% in Frankfurt. In tapping Diess for the top job, VW would elevate a senior executive from its own ranks while at the same time handing the reins to someone who was not at the vehicle maker when the diesel cheating took place. Diess joined VW from southern German rival BMW in mid 2015 just before the scandal erupted. As the executive overseeing VW’s biggest unit, Diess routinely butted heads with the powerful labour union as he sought to reduce costs and simplify the Byzantine...
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