Volkswagen CEO, facing series of setbacks, will step down

VIENNA (AP) — Herbert Diess, the Volkswagen CEO whose image had been tarnished in the fallout from the German automaker’s emissions-cheating scandal, is stepping down. In a surprise announcement Friday, the company said Diess will depart Sept. 1 “by mutual consent” with the board. No reason was given. Porsche CEO Oliver Blume will succeed Diess. Diess took over as chief executive in 2018 and presided over the automaker at a time of significant change in the industry, including a shift toward increased production of electric vehicles. Diess focused on Volkswagen’s shift toward zero-emissions vehicles, but analysts say he wasn’t able to create change within the company and that the carmaker has fallen behind in some key developments, such as software implementation.