Volkswagen CEO

Volkswagen AG is planning the initial public offering at the end of September or beginning of October, subject to further developments in capital markets

Herbert Diess, the CEO of the German automaker Volkswagen, is stepping down, the company announced Friday. The Wolfsburg, Germany-based company said Diess, who took over as CEO in 2018, will depart September 1 by mutual consent with the board. His contract was set to expire in 2025. Diess presided over the automaker at a time of significant change in the industry, including a shift toward producing more electric vehicles. Hans Dieter Ptsch, chairman of Volkswagen's supervisory board, thanked Diess in a statement and praised his role in advancing the transformation of the company. Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy, Ptsch said. Oliver Blume, who is now CEO of Porsche, will succeed Diess. Volkswagen also said the company's chief financial officer, Arno Antlitz, will become the new chief operating officer.

Herbert Diess, chief executive of VW Group, highlighted the UBS note on Twitter and shared the market capitalisation milestone.

Diess dismissed concerns Europe's largest automaker could be degraded to a contract manufacturer for technology firms

Diess, 62, received a fresh vote of confidence from the VW supervisory board this month to make the sprawling industrial conglomerate more nimble

Volkswagen will tweak its strategy to maintain investment momentum for developing electric and autonomous cars as it tries to make up for lost revenues caused by the coronavirus pandemic, CEO said

Volkswagen is shifting from being a manufacturer of traditional vehicles to making self-driving and connected cars, a step which requires cost cuts and efficiency gains, he said

This October, the company sold over 3,000 cars in the compact and small sedan segments which include the Polo and Vento models

David Ashenfelter, a spokesman for the U.S. District Court in Detroit, confirmed a warrant for Winterkorn's arrest was issued