Herbert Diess, the CEO of German automaker Volkswagen, is stepping down, the company announced on Friday.
The Wolfsburg, Germany-based company said Diess, who took over as CEO in 2018, will step down Sept. 1 “by mutual consent” with the board. His contract was due to expire in 2025.
Diess chaired the automaker at a time of significant changes in the industry, including a move toward producing more electric vehicles.
Hans Dieter Potsch, chairman of Volkswagen’s supervisory board, thanked Diess in a statement and praised his role in “advancing the company’s transformation.”
“He not only led the company through extremely turbulent waters, but he also implemented a fundamentally new strategy,” Potsch said.
Oliver Blume, now CEO of Porsche, will succeed Diess. Volkswagen also said the company’s chief financial officer, Arno Antlitz, would become the new chief operating officer.