VW replaces CEO Mueller, announces sweeping restructuring

MPCA Releases Plan On How VW Settlement Money Will Be Used

Reuters said sources told the news agency that the supervisory board would seek to bring works council executive Gunnar Kilian onto the company's management board to try to secure backing for new CEO Diess and his plans.

In tapping the 59-year-old Mr Diess for the top job, Volkswagen would elevate a senior executive from its own ranks, while handing the reins to someone who was not at the carmaker when the diesel-cheating scandal began.

According to the settlement, the VW scandal resulted in 600 more tons of NOx being emitted into Minnesota's air than should have been possible under emissions regulations.

Müller was named CEO in September 2015 after his predecessor, Martin Winterkorn, resigned within days of the Dieselgate scandal coming to light.

He launched an ambitious reform plan, including investing billions of euros in electric vehicles, but has struggled to push through changes to create a more efficient and focused company. Amid opposition from labor leaders, Mueller failed to sell motorbike maker Ducati past year.

Volkswagen's supervisory board has ousted CEO Matthia Müller.

VW's power structure rests on close ties between management, workers and politicians from Germany's northwestern state of Lower Saxony, where VW is the largest private-sector employer with over 100,000 workers at six factories.

The automaker's share price has since recovered, but some lawsuits are still pending.

Date for closure of Toys R Us at Lakeside confirmed
When the chain of large toy shops failed in February, Moorfields, the insolvency specialist, began selling off its stock. Stores are now offering discounts of up to 70 per cent on remaining products.

But Mueller carried the mail for the company, returning it to robust profitability amid strong worldwide sales.

Mueller's contract as CEO at Volkswagen had been expected to run through the end of 2019, so a change now would represent a substantial reduction in his tenure at the head of the firm.

The announcement was made after Volkswagen directors ousted Müller and deliberated ways to reform an empire that includes motorbike, bus, truck and passenger vehicle brands including Ducati, Bentley, Porsche, Audi, Scania and Skoda.

Audi and Volkswagen are the two brands to have suffered the most through the emissions difficulties, and the fact that Diess has managed to emerge with a strengthened reputation is indeed impressive.

Mueller had "signalled he was open to play a part in the changes" in conversations with supervisory board chief Hans Dieter Poetsch, the company said.

"Diess is ready to weather conflict, which is important to make things happen in a company like Volkswagen", said Ferdinand Dudenhoeffer, director of the University of Duisburg-Essen's Center for Automotive Research.

Droessler said one likely candidate for a VW Settlement grant would be Upper River Services, a company that services barges and operates tow boats in the Mississippi River near downtown St. Paul.

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