Volkswagen CEO Diess to depart; Porsche boss Blume will lead the German auto giant

Herbert Diess, CEO of VolkswagenSean Gallup | GettyVolkswagen CEO Herbert Diess will leave the company at the end of August, the company said Friday. Oliver Blume, currently the CEO of Volkswagen subsidiary Porsche, will succeed Diess as of September 1.The reason for Diess’s departure wasn’t announced.In a statement, Volkswagen chairman Hans Dieter Potsch thanked Diess for playing “a key role in advancing the transformation of the company” away from internal combustion vehicles, particularly diesels, into a new electric era.Diess joined Volkswagen from BMW in 2015, stepping into the top job in the wake of the Dieselgate scandal.This story is developing. Check back for updates.

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