Volkswagen has announced a former BMW executive as its new chief executive as it pushes to slim down its corporate structure.
Herbert Diess, who had developed a reputation as a cost-cutter at BMW, and most recently has been Volkswagen’s brand manager, will take over the position from Matthias Müller.
The company has announced it will split its brands into three new groups – value, premium and super-premium
The appointment has been welcomed by analysts.
“Diess is a man of action. He is the most plausible choice at VW to lead the group into the next phase of its transformation,” said Nord LB analyst Frank Schwope.
The Volkswagen group includes motorbike, bus, truck and passenger car brands including Ducati, Bentley, Porsche, Audi, Scania and Skoda.
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