By Cecilia Butini

Volkswagen has named a new chief executive officer at its software unit Cariad amid an organizational restructuring, the company said Monday.

Peter Bosch, a board member at Bentley Motors, has been named CEO and will take on his new role as of June 1, also assuming responsibility for finance, purchasing and IT, said Volkswagen.

The Wall Street Journal had reported on Sunday that Oliver Blume, the group's chief executive, would replace management at Cariad as a first major restructuring move since becoming the head of the company last year.

Mr. Bosch, the new Cariad CEO, will be joined on the Board by two software expert going forward, and their appointment will be announced shortly, the company said.

As part of Cariad's realignment, Volkswagen plans to orientate its structure toward the development of software-defined vehicles, and to intensify partnership with strong tech players, it said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

May 08, 2023 09:58 ET (13:58 GMT)

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