VOLKSWAGEN PICKS A NEW LEADER

In a major management shake-up, Volkswagen has named Herbert Diess as its new CEO. Diess replaces Matthias Müller as the German automaker aims to make a clean break from its emission scandal. VW, the biggest carmaker by sales, will now focus on clean energy, streamlined development and improved profitability. It will also redefine its brands under value, premium and super-premium categories.