VW board ousts CEO Herbert Diess after switching to electric vehicles

Major shareholders in Volkswagen Joined forces with union leaders to oust Chief Executive Officer Herbert Diesswhich was in the midst of an effort to turn the German car company into a top electric vehicle manufacturer.

Mr Diess will be succeeded by: Oliver Blumea, CEO of VW’s sports car maker Porsche AG and a long-time ally of the Porsche-PiĆ«ch family that controls the majority of VW’s voting rights. Mr. Blume will keep his job as a director of Porsche, which is slated to go public this fall.

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