By William Boston
FRANKFURT-- Volkswagen AG has poached a senior BMW executive in
a reshuffle of senior management aimed at bolstering the German car
maker's namesake VW brand which is struggling with weak profits and
falling sales in major markets.
Volkswagen has appointed Herbert Diess, currently head of
development at rival BMW, to take over as head of the VW brand on
October 1, 2015.
Mr. Diess will replace Martin Winterkorn, Chief Executive of the
Volkswagen group, who is giving up responsibility for running the
VW brand, marking a turnaround in VW's management strategy.
"This step puts the executive management of both the group and
the brand on an even broader footing," Mr. Winterkorn said in a
statement.
Volkswagen shares were trading nearly 1% lower at EUR184.70 on
the Frankfurt Stock Exchange after the announcement.
Write to William Boston at william.boston@wsj.com
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