Scandal-hit Volkswagen has announced Matthias Mueller as its new chief executive.
The former Porsche boss replaces Martin Winterkorn, who stepped down in the wake of the emissions scandal that has rocked the automotive industry.
The Volkswagen board is also expected to dismiss high-level engineers and designers, although no further details have been released yet.
Mr Mueller's appointment was announced after the stock markets had closed so it is not possible to say exactly how investors will take the news, although it is fair to say his appointment was widely expected.
Volkswagen shares fell 4.3pc to €108 today, meaning the carmaker has lost about a third of its value, or €26bn, since the start of the crisis.
Earlier this week VW admitted to effectively rigging emission tests in the US, with up to 11 million cars affected. It later emerged that cars in Europe were also affected, although it remains unclear how many might be in the UK.
In response, the Department for Transport confirmed it would retest emissions on Volkswagen cars.