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Volkswagen Group CEO will resign

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Volkswagen Group CEO will resign
April 13
09:00 2018

The largest German automaker announced that Matthias Müller, CEO of the company, was going to resign. This is a sudden decision as the contract of Mr. Müller with the concern was supposed to end in two years, at the end of February 2020.

The first acquaintance of Mr. Müller with the giant concern took place in 1972, when being a student he was trained at the Audi plant as an auto mechanic. After graduating from the university in 1978 and receiving an engineer degree, Metthias returned to Audi, where he had been working for 22 years.

In 2015, there was a great scandal caused by an underestimation of the harmful substances emission from the fuel combustion in diesel engines. This is became the reason why Matthias Müller was appointed to head the German auto giant Volkswagen.

Citing its sources, the British news agency Reuters reports that Herbert Diess, the second person involved in the world-wide criminal case on the DieselGate , claims to be the executive director of the automobile company.

Volkswagen is facing the need to go through a series of major changes. They are caused by the need of the market in new alternative engines. The auto giant will experience structural changes – in the near future it is planned to reorganize the brands of the concern towards decentralization.

The creation of new units will complicate the structure of the company. They can be divided into three types:

– “mass”, under the leadership of Herbert Diess;

– “premium”, managed by Rupert Stadler;

– “super-premium”, headed by the director of Porsche Oliver Blume.

It is expected that conditions for entering the stock exchange will be created for the truck production unit.

The resignation of the executive director has negatively affected the quotations of the shares of the legendary auto concern. The staff of the portal Money-Investing hopes that in the near future the situation will stabilize.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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