VW Board Ousts CEO Herbert Diess After Pivot to Electric Vehicles

Chief executive is stepping down effective Sept. 1 and will be succeeded by Porsche CEO Oliver Blume

With gas prices on a wild ride, many consumers are exploring whether buying an electric vehicle could save them money in the long run. WSJ’s George Downs breaks down four factors to consider when buying a new car. Photo composite: George Downs

Key shareholders in Volkswagen joined forces with labor leaders to oust Chief Executive Officer Herbert Diess, who was in the midst of a push to turn the German auto company into a top maker of electric vehicles.

Mr. Diess will be succeeded by Oliver Blume, CEO of VW’s sports-car maker Porsche AG and long an ally of the Porsche-Piëch family that controls a majority of VW voting rights. Mr. Blume will retain his job running Porsche, which is slated for an initial public offering this autumn.

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