Herbert Diess may step down as Volkswagen CEO

Herbert Diess may step down as Volkswagen CEO

FineAuto

The automaker’s board of directors may decide in favor of extending the powers of the VW CEO for two years until 2025, but the opposite is not excluded.

Volkswagen’s supervisory board will discuss a contract renewal with CEO Herbert Diess on Friday, two people familiar with the matter told Reuters. The meeting, which was announced and at which the board of directors could decide to extend the contract for two years until 2025, will take place just days before the presentation of Volkswagen’s strategy, scheduled for July 13th.

The new contract will be awarded shortly after longtime opponent of Disse, Bernd Osterloh, stepped down as head of the works council and took up a leadership position in the cargo division of Volkswagen Traton. However, it is too early to speak in the affirmative about the extension of Diss’s powers.

A representative of the Volkswagen Supervisory Board declined to comment.

The renewal of the agreement with the concern will give Dies a mandate to fulfill Volkswagen’s stated ambitions – to become the best electric vehicle in the world by the middle of the decade and overtake its key competitor Tesla.

Diess, a former BMW executive, joined the Volkswagen board in July 2015 and then became CEO of the transformation group in April 2018.

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