Berlin, Jul 23 (IANS): Volkswagen Group chairman and CEO Herbert Diess is stepping down from his position at the company and will be replaced by Porsche CEO Oliver Blume.

Blume will take over as Chairman of the Group Board of Management and remains at the same time Chairman of the Board of Management of Dr. Ing. h.c. F. Porsche AG. He will take over this position with effect as of September 1.

"Oliver Blume has proven his operational and strategic skills in various positions within the Group and in several brands and has managed Porsche AG from a financial, technological and cultural standpoint with great success for seven years running," Hans Dieter Potsch, Chairman of the Supervisory Board, said in a statement.

"From the Supervisory Board's point of view, he is now the right person to lead the Group and to further enhance its customer focus and the positioning of its brands and products," Potsch added.

Blume joined the Volkswagen Group in 1994 and, since then, has held management positions for the brands AUDI, SEAT, Volkswagen and Porsche.

He has been the Chairman of the Board of Management at Porsche since 2015 and a member of the Group Board of Management since 2018.

The Supervisory Board also resolved that Group CFO Arno Antlitz will additionally assume the position of COO and thus assist Blume with day-to-day operations.