VW Credit has new CEO

Meima, 47, will oversee all functions of VW Creditthe captive finance arm for Volkswagen, Audi and Ducati dealers.

Volkswagen Group of America, Inc. named Horst Meima president and CEO of Volkswagen Credit Inc, effective Jan. 1.

Meima, 47, will oversee all functions of VW Credit Inc., which is the captive finance arm for Volkswagen, Audi and Ducati dealers. Meima will also be chairman of the board for VW Credit Canada Inc.

He replaces Christian Dahlheim, who will become a board member for sales and marketing of Volkswagen Financial Services in Braunschweig, Germany.

Meima, with more than 20 years at the company, climbed the ranks from a commercial loan officer for VW Credit in 1996 to his most recent post, executive vice president and CFO for the captive, according to his LinkedIn profile.

His roles have included president and CEO of VW Credit Canada Inc. and president and CEO of Volkswagen Bank USA, which closed in 2007.

The new roles for Meima and Dahlheim follow a host of sweeping executive changes at Volkswagen’s German headquarters since September, when the EPA and California regulators charged the company with violating diesel emissions standards.

In October Volkswagen Financial Services, VW Credit’s parent company, implemented a hiring freeze in Germany until the end of the year in response to the scandal. VW Credit, however, is not subject to the hiring freeze.

The VW brand’s U.S. sales fell 25 percent to 23,882 vehicles in November. The decline in volume reflects a 2,381-unit drop in sales of nondiesel models and a stop-sale order on all diesel models, including Touareg crossovers powered by a 3.0-liter V-6 diesel motor and 2016 models with 2.0-liter diesel engines.

You can reach Hannah Lutz at hlutz@crain.com -- Follow Hannah on Twitter: @hm_lutz

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