VW CEO Mueller's Abrupt Exit Heralds Sweeping Change to Come
- Insiders say he’ll be replaced by VW brand chief Diess
- No ’obvious trigger that would have prompted’ the shift
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Volkswagen AG’s board abruptly ended the tenure of Chief Executive Officer Matthias Mueller, a caretaker who revived the carmaker after its worst crisis on record, turning instead to a leader who can implement deeper changes, people familiar with the matter said.
Key stakeholders came to the conclusion they couldn’t afford to wait two years until Mueller’s contract expired to appoint a fresh CEO, as they deliberated an overhaul that will likely include a partial IPO of the heavy trucks division and how best to rapidly implement those changes, said the people, asking not to be identified discussing the private talks.