Volkswagen Group management shuffled under new CEO

Volkswagen Group has announced a significant executive restructure, as it chases "more efficient" management under new CEO, Dr. Herbert Diess.

As reported earlier this week, Matthias Muller has 'stepped down' from his position as CEO, less than three years after taking on the role amid the Dieselgate storm.

Four 'brand groups' have been created to handle the automaker's varied portfolio: Volume, Premium and Super Premium, with Truck & Bus to follow in due course.

Each 'brand group' leader will also handle significant corporate functions, including Vehicle IT, Sales, Production, and Development & Research.

According to the Volkswagen Group, the reshuffle streamlines its management structure, and uses "synergies" to accelerate decision making. Fair warning, there's more corporate speak coming.

"The Volkswagen Group is a combination of strong brands with great potential," Herbert Diess, new Volkswagen Group CEO, said in a statement.

"Matthias Müller has set the course for change. My most important task now, together with the management team and our employees, will consistently pursue and accelerate the path to becoming a profitable, globally leading provider of sustainable mobility."

"In a period of fundamental upheavals in the automotive industry, it is important that Volkswagen picks up speed and sets clear priorities in the areas of electromobility, the digitization of cars and transport, and new mobility services," he added.

Along with the ousting of Muller, the reshuffle sees Porsche AG CEO, Dr Oliver Blume, appointed to the executive board.

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