Supervisory Board Of Volkswagen AG Re-Assigns Responsibility For China Board Of Management Division

November 16, 2018 by Volkswagen Group

•Dr. Herbert Diess to be responsible for China business

•Stephan Wöllenstein to manage the operational business of the Group in China as CEO in the future

•New structure reflects growing importance of China

Wolfsburg, November 16, 2018 -The Supervisory Board of Volkswagen Aktiengesellschaft has assigned responsibility for the China Board of Management Division to Dr. Herbert Diess, the Chairman of the Board of Management, in addition to his other duties. At the same time, the Volkswagen Group is reordering its management structure for the China region.

The reordering and direct assignment of responsibility to the Chairman of the Board of Manage- ment takes account of the growing importance of the Chinese market and the high pace of technological development in China. Especially in the fields of e-mobility, connectivity, automated driving and shared mobility, China is increasingly setting global standards. This development calls for the direct, intensive focus of the Chairman of the Volkswagen Group Board of Management.

In future, Dr. Stephan Wöllenstein (55), CEO of Volkswagen China Passenger Cars and Executive Vice President of Volkswagen China Investment Company, will manage the business operations of the Group in China as Chief Executive Officer. Wöllenstein holds a degree in business administra- tion and has comprehensive experience with China. Prior to his present function as CEO, Wöllenstein was Managing Director Volkswagen Brand and Executive Vice President of FAW- Volkswagen Sales Co., Ltd. in Changchun. Previously, he held various responsible positions in Volkswagen brand sales and with SAIC VOLKSWAGEN in Shanghai, where he was responsible for Sales & Marketing from 2004 to 2006.

The changes are to take effect in mid-January 2019. At the same time, Prof. Dr. Jochem Heizmann, currently Member of the Board of Management of Volkswagen Aktiengesellschaft with responsibility for China business and President and CEO of Volkswagen Group China, is to retire.