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Volkswagen Group announces Porsche boss Mueller as new CEO

Volkswagen Group announces Porsche boss Mueller as new CEO
Autos
Matthias Mueller has officially been named the new Chief Executive Officer of the Volkswagen Group effective immediately the German automaker s supervisory board announced on Friday.

Mueller replaces Martin Winterkorn who resigned this week in the fallout from the massive emissions cheating scandal involving some 11 million of the company s Volkswagen and Audi diesel-powered vehicles. Since news of the scandal first broke, Volkswagen has seen its share price tumble and numerous class-action suits launched against the company.

Mueller has been with the Volkswagen since the 1970s and has served as CEO for the Porsche brand since 2010, a position he will continue to hold until a replacement can be found. His contract as VW group CEO will run through until the end of February 20.

"My most urgent task is to win back trust for the Volkswagen Group by leaving no stone unturned and with maximum transparency, as well as drawing the right conclusions from the current situation," Mueller said in a statement released by the automaker. "Under my leadership, Volkswagen will do everything it can to develop and implement the most stringent compliance and governance standards in our industry.

"If we manage to achieve that then the Volkswagen Group with its innovative strength, its strong brands and above all its competent and highly motivated team has the opportunity to emerge from this crisis stronger than before."

In addition to naming Mueller CEO, the Volkswagen Group s supervisory board also announced a sweeping structural reorganization plan.

Among the changes announced in the reorganization, Volkswagen will combine its business in Canada, the United States and Mexico to form a new North America region to be led by current Skoda chairman Winfried Vahland.

At the group level, Volkswagen is also combining the Porsche, Bentley, and Bugatti brands into the "sportscar and mid-engine toolkit" which will see the brands sharing standardized technical parts.
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