In a surprise announcement Friday, the
Diess, who took over as chief executive in 2018, presided over the automaker at a time of significant change in the industry, including a shift toward increased production of electric vehicles. His contract was set to expire in 2025.
Board Chairman
“Not only did he steer the company through extremely turbulent waters, but he also implemented a fundamentally new strategy,” Poetsch said.
Diess focused on
“With industry challenges accelerating and a growing number of new and fast-follower challengers, new management offers an opportunity to revisit strategy or jump-start stalled relationships," analysts at
Shortly before his ouster was announced, Diess posted on LinkedIn about the difficulties facing the automaker — from Russia’s war in
“After a really stressful first half of 2022 many of us are looking forward to a well-deserved summer break,” his post said.
Diess reportedly has clashed with the company’s powerful labor representatives over issues including top personnel decisions. Workers hold an unusual amount of clout at
Diess also was trailed by the emissions scandal. Coming from
The scandal cost the company
German prosecutors had charged Diess and Poetsch in 2019 with stock manipulation over a failure to tell investors in time about the looming scandal. The charges were later dropped in return for a
In the announcement Friday,
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