Key Volkswagen shareholders have joined forces with union leaders to oust Chief Executive Herbert Diess, who was at the center of efforts to transform the German car company into a leading maker of electric vehicles.
Mr. Diess will be succeeded by Oliver Blume, chief executive of VW sports car maker Porsche AG and a longtime ally of the Porsche-Piëch family, which controls the majority of voting rights at VW. Mr Blum will keep his job running Porsche, which is slated for an initial public offering this fall.
Add Comment