Volkswagen to replace CEO with its brand chief

Volkswagen to replace CEO with its brand chief

Key stakeholders came to the conclusion they couldn't afford to wait two years until Mueller's contract expired to appoint a fresh CEO, as they deliberated an overhaul of the company and how to most rapidly implement those changes, said the people, asking not to be identified discussing the private talks.

In a statement released today, the company said only that it was considering "personnel changes in the board of management [which] could also include a change in the position of the chairman of the board of management".

Business newspaper Handelsblatt reported that Herbert Diess, head of the VW brand - one of the group's 12 makes of cars, trucks and motorbikes - was slated to take Mueller's place.

Shares in Volkswagen jumped on the news, and closed up 4.5 percent at 171.58 euros.

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Mr Mueller, a former Porsche boss, replaced Martin Winterkorn, who stepped down as the diesel scandal rocked the automotive industry.

Further details are emerging over an expected management shake-up at German auto giant Volkswagen AG, ahead of a supervisory board meeting expected on Friday.

As CEO, Mueller led Volkswagen through the aftermath of the scandal, which included billions in fines and penalties and US criminal charges against several executives, to record sales and strong profits. VW said earlier on Tuesday that it was considering a change in the CEO job.

The company said in its statement on Tuesday that it was considering changes to its complicated management structure.

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While Mueller is a lifelong VW veteran, at times he cut an uneasy figure as CEO, which required him to manage the often contradictory demands of angry auto owners, disgruntled investors, well organized workers, and state officials with their own political agendas.

Mueller's likely departure comes two days after Deutsche Bank, another pillar of corporate Germany, dismissed its chief executive, John Cryan, in pursuit of a more rapid turnaround following years of losses. The company declined to comment further. A veteran of the company, he had previously served as head of Porsche.

Citing company sources, the German newspaper Handelsblatt reported that Mueller is about to be replaced by Herbert Diess, an executive who now leads the Volkswagen brand.

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