VW boss Herbert Diess exits three years early after turbulent tenure

Porsche's Oliver Blume will take over after difficulties managing electric transition during Diess's four years in charge

Volkswagen's CEO, Herbert Diess, is stepping down and will be succeeded by the current head of Porsche, Oliver Blume, Europe's top carmaker has said, after a four-year tenure in which Diess pushed VW's electric vehicle ambitions and clashed with its work council and board.

Sources with knowledge of the matter said the Porsche and Piech families, who own over half the voting rights and a 31.4% equity stake in Volkswagen, pressed for a change at the helm.