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Matthias Muller officially named VW Group CEO

While the vast number of rumors made it seem like a foregone conclusion, Porsche boss Matthias Muller has officially been named Volkswagen Group CEO to replace the recently resigned Martin Winterkorn. His contract runs through the end of February 2020, and until a replacement is found, Muller also gets to hang onto his old job as chairman of Porsche. At the same time, the VW Group Supervisory Board is announcing a massive structural reorganization across the entire company, with the new management model in place by the beginning of 2016. Contrary to previous rumors, Michael Horn remains as President and CEO of VW Group of America. The board wants a greater emphasis on brands and regions going forward, and the scale of this shift can be seen in the US. On November 1, VW Group business in the US, Mexico, and Canada is being combined under the leadership of current Skoda chairman Winfried Vahland. However contrary to previous rumors, Michael Horn remains as President and CEO of VW Group of America. Other brands are also seeing some significant changes mechanically. Porsche, Bentley, and Bugatti now fall under the Group's "sportscar and mid-engine toolkit." This means that the brands will start sharing standardized technical parts. A Chief Technical Officer across all of the company's brands will also start working toward future innovations. The new brand-centric view means the end of a group-wide production department. "Going forward, the brands and regions will also have greater independence with regard to production. So it follows that they should also hold the responsibility for these activities," Berthold Huber, interim Chairman of the Supervisory Board, said in the announcement. In a statement with the press release about his promotion, Muller promised to turn the company around after such an international crisis. He said: "My most urgent task is to win back trust for the Volkswagen Group – by leaving no stone unturned and with maximum transparency, as well as drawing the right conclusions from the current situation. Under my leadership, Volkswagen will do everything it can to develop and implement the most stringent compliance and governance standards in our industry." Matthias Muller appointed CEO of the Volkswagen Group Muller remains Chairman of Porsche AG until a successor has been found Matthias Muller (62) has been appointed CEO of Volkswagen AG with immediate effect.

Volkswagen Passat gets Wolfsburg Edition, priced from $23,495*

Volkswagen has just announced a new Passat Wolfsburg Edition, which slots between the base S and mid-grade SE trims in terms of content and price. The automaker has not released any official photos of the car as of this writing (aside from the badge shot you see here, of course), but the Wolfsburg Passat will be visually set apart from the rest by a unique set of 16-inch alloy wheels.
The big host of upgrades for the Wolfsburg Edition are found inside, where buyers will enjoy standard amenities like leatherette seats (with bun-warmers on the front chairs), a power driver's seat, satellite radio and a media interface with iPod connectivity. Of course, this comes on top of the already standard Passat features like Bluetooth and auto on/off headlamps. The Wolfsburg Passat will only be available with the 2.5-liter five-cylinder engine and a six-speed automatic transmission.
Look for the 2013 Wolfsburg Edition Passat to hit dealerships in the very near future, priced from $23,495, *not including $795 for destination. Have a look below for Volkswagen's official press blast.

Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."