Volkswagen tapped Herbert Diess to take over as CEO, replacing Matthias Mueller, and is creating six new business areas and a special portfolio for China, its largest market. It also is splitting its brands into three new vehicle groups: value, premium and super-premium nameplates.
As Volkswagen fought for its survival two years ago, Herbert Diess -- a fresh hire from BMW -- appeared headed for a rapid exit after a tense standoff with the company's powerful labor unions over cost-cutting measures. Today, he's poised to take VW's top job.
Volkswagen's board abruptly ended the tenure of CEO Matthias Mueller, a caretaker who revived the carmaker after its worst crisis on record, turning instead to a leader who can implement deeper changes, people familiar with the matter said.