Volkswagen Names Markus Duesmann as New Audi CEO

Date : 11/15/2019 @ 2:27PM
Source : Dow Jones News
Stock : Volkswagen AG (VOW3)
Quote : 172.32  -0.14 (-0.08%) @ 2:41PM

Volkswagen Names Markus Duesmann as New Audi CEO

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   By Max Bernhard 
 

Volkswagen AG (VOW.XE) on Friday said it will put Markus Duesmann at the helm of its luxury brand Audi AG (NSU.AG), a little more than a year after the unit's former chief executive was ousted following his arrest.

The appointment of the former BMW AG (BMW.XE) manager--effective April 1--had been widely expected after Audi said in July last year that Mr. Duesmann would join its board "as soon as he is able to do so," without specifying what his exact role would be.

According to German media reports, Mr. Duesmann wasn't immediately available to fill the post as a result of competition clauses in his contract at BMW.

Rupert Stadler, Audi's former chief executive, was arrested in summer last year and later charged with fraud in relation to the car maker's diesel-emissions scandal. Mr. Stadler has in the past said that he had no prior knowledge of any manipulation.

After the arrest, Audi appointed Bram Schot as interim and later permanent chief executive. He will leave the company at the end of March, Volkswagen said now.

 

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

November 15, 2019 09:12 ET (14:12 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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