VW Chief Out

The news isn’t official yet, but it looks like current VW Chief Executive Officer will be resigning his position soon only two and a half years into the job those close him are saying and it could happen as soon as this week.

Unofficial reports claim that the German head of the Volkswagen Motor company, Matthias Muller, is purported to be claiming the departure is due to personal reasons, but these reports are unconfirmed.  The long standing executive, who started his career at Audi in the nineteen seventies and worked in various production and research roles at bands such as Audi, Lamborghini and Porsche.  Prior to taking over the top job at Volkswagen, Muller was the President of the Porsche brand from 2010.  He was brought into the lead job VW immediately after the dreaded diesel fiasco that nearly tanked the company a few year back with the goal of rebuilding the company’s reputation, building out new quality controls and restructuring the company in the wake of the scandal.  By all accounts he delivered on his mandate as he slashed budgets and clean out the ranks of executives that were part of the cover up.  Muller also saw seven of his employees be indicted on felony charges, with two of them receiving prison sentences, and the company pleading guilty to three felony counts and faced fines upwards of four point three billion dollars and on top that the company is facing plethora of class action law suits that could equal or exceed the amount paid in fines.

The CEO has not personally been indicted or charge with anything at this point and is widely heralded as the force behind not only the company’s comeback, but also the dramatic change in direction for the entire product portfolio.  He set the tone by announcing that the company would be building thirty plus new electric and battery vehicles across the entire company’s portfolio of brands before 2025 and he was responsible for initiating detailed profitability reviews on every single vehicle line which saw a slew of new concepts be slashed off the production lists.  The CEO was also responsible for the impressive 2017 financial results which saw the company post a 6% profit, or about $16Billion dollars, in 2107.