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Volkswagen has picked a new leader in a management shakeup to ready the world's largest automaker for a wave of technological change upending the industry's traditional business models.

Herbert Diess, the head of VW's namesake brand, will become chief executive officer as well as overseeing technology across the organization, the company said Thursday in a statement. The manufacturer will be grouped into six business areas, with the truck and bus division to be prepared for a potential stand-alone stock listing.

"My most important task will now be to join with our management team and our group workforce in consistently pursuing and pushing forward our evolution into a profitable, world-leading provider of sustainable mobility," Diess said in the statement.

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