(CercleFinance.com) – Volkswagen announced on Friday evening the departure of its emblematic boss, Herbert Diess, to be replaced by Oliver Blume, now at the head of the luxury car manufacturer Porsche.
The German car giant specifies that Oliver Blume will take on the responsibilities of chairman of the management board from September 1, in addition to his mandate at the head of Porsche.
The chairman of the supervisory board, Hans Dieter Pötsch, praised the work accomplished since 2018 by Herbert Diess, to which he attributes the strategic transformation carried out by the group during a period deemed “extremely complicated”.
For analysts, his landing cannot be considered a big surprise.
‘The departure of Herbert Diess comes after many conflicting episodes, mainly with the unions’, the Oddo BHF teams reminded us this morning.
‘Beyond the real weaknesses in terms of execution (…), it seems to us above all likely that he is paying for his growing isolation within the group and
his lack of diplomacy which made his position very (too) fragile,” adds the private bank.
For Oddo BHF, the combination by Oliver Blume of the functions of boss of VW and Porsche constitutes however ‘a bad signal’ to investors upstream of the potential listing on the Stock Exchange of the brand of high-end cars, which was supposed to be synonymous with more independence for Porsche.
Listed on the Frankfurt Stock Exchange, Volkswagen shares lost 3.8% on Monday morning, marking the biggest drop in the DAX index.
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