By Sam Boughedda Volkswagen (ETR: VOWG_p ) AG (OTC: VWAGY ) Chief Executive Herbert Diess is stepping down, the company announced Friday. Diess took over at Volkswagen following the diesel emissions scandal and has led the company into the electric age. Volkswagen, one of Germany's most significant global companies, said Diess played a key role in advancing the transformation of the company. The move is effective September 1, with Oliver Blume succeeding Diess while continuing in his role as Chairman of the Board of Management of Porsche AG. In addition, Volkswagen's CFO, Arno Antlitz, will assume an additional role as COO on the Group Board of Management. According to a report from Reuters, shortly after the news, Porsche and the Piech Family saw a need for a CEO change at Volkswagen.