One of the largest car manufacturers in the world will soon have a new CEO. The current CEO of the VW Group, Herbert Diess, will resign at the end of next month, and from September, the former CEO of Porsche, Oliver Blume, will take over.

The German company did not say why Diess resigned. He came to Volkswagen from BMW in 2015, at a time when the company was rocked by the Dieselgate affair. Diess is credited with ushering the company into a new era, encouraging major investment in electric vehicle production, with the goal of selling one million electric cars a year by the middle of this decade.

With the new CEO, the VW group will certainly not lose, what so ever, they will get someone who knows the situation in the company very well. Blume will become CEO in early September, and should be a long-term solution for VW. One of the first big challenges for him will be to find a potential investor, given that VW has previously established the framework for a potential initial public offering.

After joining the VW Group in the mid-90s, this will be Blume’s biggest challenge yet. In a statement to the media, he did not hide his enthusiasm for the new position. He said his focus will be on customers and products.

Source: VW Group