>> He's a fan of cost cutting and has frequently clashed with workers. But VW's new CEO has the backing of the companies top labor representative, signaling that Herbert Diess could face less resistance in his efforts to revamp Europe's car maker, than in his previous role. Diess was appointed during a major management shake up, succeeding ousted Chief, Matthias Müller, who took to the helm at the start of the dieselgate scandal.
Diess says he's seeking a slimmed down company with strong brands.>>
>> Shares in VW rose 0.8% following the appointment against the 0.5% rise for the STOXX 600 automotive index.