herbert diess as a successor to matthias mueller.ng the core brand vw is also an office that dr. diess will fill. in the transformation process of the volkswagen brand, he's proven with what dedication he leads and manages these fundamental transformation process. and he will ensure that this works in the long run. he has shown what fundamental changes he introduces for the vw brand and how decisive and dedicated he is in doing that. and this performance and achievement has predestined to get the mandate to implement our strategy 2025 in the next and decisive years fully in addition to that, dr. oliver broomer, will become part of th new group board. over the two years there's been a substantial contribution to the realignment of the group and the volkswagen brand dr. francisco leaves the company at his own behest. since 2001 he has been building a procurement operation of modern design at volkswagen. leading the diesel task force he has made a central contributi contribution -- >> that's the volkswagen chairman speaking there in vol

diess will replace matthias mueller and charged with leading volkswagen towards a sweeping transition volkswagen will start a press conference shortly in wolfsburg with speeches from the chairman dieter perch and herbert diess

the volkswagen group's big boss matthias mueller has been replaced as part of a management shakeup. the new head of the firm behind vw, audi, seat, lamborghini, bentley and porsche is hairbert deess, a former bmw executive known as a fierce cost—cutter who is unafraid to clash with labour unions. he has been in charge of the company's volkswagen brand since 2015. but let's look back a bit. mr mueller became chief executive in september 2015, following the diesel emissions scandal. the german auto giant was forced to admit that it manipulated 11 million diesel vehicles worldwide to evade regulatory emissions tests. and it's not been an inexpensive problem to fix. in total, the scandal has cost volkswagen an eye watering $30 billion in fines and engine modifications. and i have to just show you these pictures, they show some of the 350,000 vehicles the company paid more than $7.1; billion to buy back as part of the scandal. despite that, the german firm still claimed the title of the world's largest carmaker by sales for the last two years, and made a very healthy profit of $14 billio

wasn't matthias mueller doing a good job? >> he was doing a good job.esults were an all time high. strong, but there was a growing sense amongst the key stakeholders at volkswagen that in order to achieve deeper changes, maybe a new ceo might be able to get there faster. matt: so, they brought in this guy, herbert diess. i guess he used to work for bmw and then came here after the diesel scandal. what is his story? christoph: he had a pretty remarkable career at bmw. notable career for purchasing. he is a very sharp and clean analytical guy. very focused. poinyom the investor's it is the best choice they could have made. matt: i think i already saved bmw 4 million euros. now he is negotiating a deal to cut 40,000 jobs thaat volkswagen. will we see more? christoph: 40,000 job cuts were announced. there were jobs in other areas, like in programming. they will try to shift some of the jobs that will come under pressure went electric cars become more popular, account for a bigger portion of sales and they are trying to shift the jumps from the traditional e

herbert diess replaces matthias mueller. vw moves to make faster decisions on autonomous and electric cars. mueller took over in 2015 following the scandal over rigging cars to beat emissions tests. >>> going against the retail grain, nordstrom opened its first nondiscount store in new york city and its first menswear-only store. the nordstrom store opened for business yesterday. it combines in-store services such as tailoring and shoe shines with high-tech digital ordering. nordstrom executives told "business insider" the company has a real opportunity to do this right as other retailers are shutting stores and shopping shifts online. >>> and, anne-marie, heinz is introducing a new condi meant called mayo-chup. it's a premade blend of mayonnaise and ketchup and you can vote on whether to enter it in the u.s. you can vote on twitter. if mayo-chup gets 500,000 yes votes, it will be released in the u.s. it's currently released in the middle east and some gulf states. back to you, anne-marie. >> laura, i'm into it. >> i already

the departure of matthias mueller iseing viewed as another attempt to move past the lingering effectsthe diesel emissions scandal. there's been speculation in germany that vw was slow to act. >>> as talks betweenhe u.s., canada and mexico to renegotiate the north american free trade agreent continue, newata shows that mexico is still shipping cars and trucks to the u.s. a a prett steady rate. it is expected to pick up even more this year. phil lebeau reports. >> reporter: the trains loaded with cars and trucks seem to stretch for miles. they're headed from mexico to the u.s. last quarter shipments of mexican-made autos tohe united states climbed more than 5% to a record high of almost600,000 15% cles, making up almost of what is sold in u.s. dealerships. most buyerselre l unaware they could be buying a model built in mexico. two of most popular pickups, the chevy silverado and ram 1500, are both built south of the border. while president trump has threatened to slap a tax on mexican-made vehicles, many in the auto industry doubt that will everhappen. instead, they believe negotiatory

the volkswagen group's big boss matthias mueller has been replaced as part of a management shake—up.the firm behind vw, audi, seat, lamborghini, bentley and porsche is hairbert deess, he's a former bmw executive known as a fierce cost—cutter who is unafraid to clash with labour unions. joel kibazo is partner atjk associates and a former director of communications at africa development bank and joins me now. good to have you on the programme. what is your view on this? not someone afraid to take on the unions, not someone afraid to make change. what i think your face is now at the company that has been so troubled by the dieselgate scandal? well, the key thing here is that the dieselgate scandal has continued to plague vw right through, this was 2015 scandal in which it was found that 11 million of the vw cars had, the tests had been rigged so that it showed that there were less emissions than they actually were coming out of the car. it has struggled to keep out that, and to head up the company after that scandal broke, to try and steady the ship. however, ithink scandal broke, to tr

because matthias mueller has been doing quite well, he had gotten margins up to an enviable level by standards for a global automaker. certainly for the biggest automaker in the world, which volkswagen have become under his leadership as well. cash flow was great. he just announced a new $50 billion investment program for electric cars. it seems some on the board were not happy with his delivery style, with maybe his english skills. he had gotten into a couple of lawsuits because of some mistakes -- speaking mistake that he had made and gotten into a little bit of trouble with the german press because of some gaffs he made with his 10 million euro salary. wednesdayto a head on and the company hurriedly put out a press release saying they would switch ceos. investors agreed that with a real load of optimism, bringing the shares up more than 5% on wednesday -- they were up 2% yesterday and they are up again today. it seems they are definitely behind herbert diess. francine: what can he do differently and how quickly will he do this differently? matt: well, one thing he is famous for is

he takes over from matthias mueller, who has been steering vw out of the diesel emissions scandal sinceplant in solihull. to put that in context, jlr has a workforce of 10,000 at solihull. and we have news aboutjp morgan thatis and we have news aboutjp morgan that is reaching us. that things have got off to a very good start for the us banking giant. their net income was up $8.7 billion, more than a third on the same quarter last year. than a third on the same quarter last yea r. sales than a third on the same quarter last year. sales also what10%, at $28.5 billion. high interest rates and lower... wishes beat our north american business correspondent who is standing by. —— should speak to. what is behind the soaring global profits atjpl? what is behind the soaring global profits at jpl? you and i might hate stock market volatility, the big movements we store injanuary might have made just movements we store injanuary might have madejust a mac plunge but movements we store injanuary might have made just a mac plunge but they made money forjp morgan. the idea is when people want to sell