Volkswagen CEO gets contract extension to lead until October 2025

Volkswagen on Friday handed CEO Herbert Diess a contract extension under which he will lead the German automaker until October 2025, according to the automaker.

Herbert Diess became CEO in April 2018, after the departure of Matthias Mueller.

By staying on until 2025, the CEO will be able to observe more of the ongoing revolution within the automaker in electric vehicles and autonomous driving.

The supervisory board, which authorized the contract extension at a meeting on Friday, also got a presentation from management on the automaker’s new “Strategy 2030” set to be made public by next week.

“The Supervisory Board believes that under the leadership of Dr. Diess conditions will be optimal for the continued successful development of the whole company in the coming years as well, especially in view of Strategy 2030,” said Volkswagen chairman Hans Dieter Poetsch.

The automaker said the new strategy was focused on an automobile industry shaped by electric mobility and software. The board said it views the strategy as the basis for future growth.