Volkswagen replaces Herbert Diess as chief executive of the VW brand

Volkswagen appoints Ralf Brandstaetter as CEO of VW brand

Volkswagen on Monday replaced Herbert Diess as chief executive of the VW brand and installed chief operating officer Ralf Brandstaetter to lead cost cutting efforts at the company's largest plants in Germany.

Volkswagen said Brandstaetter would take over on July 1 to give Diess, who remains group chief executive, more leeway to run the rest of the company which includes brands such as Audi, Bentley, Skoda, Lamborghini and Porsche.

Volkswagen said Diess retained overall responsibility for Volkswagen passenger cars and that the