Ralf Brandstaetter, who took over from Diess as head of the core Volkswagen brand last year, will join the board and lead a new division named Volkswagen Passenger Cars from January 1, the company said in a statement.
“I cannot complain about a lack of responsibilities — I continue to feel fully responsible for the company,” Diess said. Preference shares in the company traded 1% lower, giving up some gains after being boosted by speculation about a possible listing of luxury division Porsche AG earlier this week.
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