FRANKFURT -- Volkswagen Group CEO Herbert Diess is stepping down and will be succeeded by Porsche boss Oliver Blume.
Diess is resigning "by mutual agreement," VW said on Friday.
Blume will continue his role as the head of the Porsche brand, flanked by VW’s current Chief Financial Officer Arno Antlitz, who will assume the position of chief operating officer.
The changes come into effect on Sept. 1, VW said.