UPDATE: Porsche's Wolpert To Be Strategy Chief At Volkswagen

Porsche Automobil Holding SE (PAH3.XE) manager Klaus-Gerhard Wolpert is set to become Volkswagen AG's (VOW.XE) new chief strategist, Volkswagen said Friday, confirming information obtained by Dow Jones Newswires.

Wolpert is set to replace Matthias Mueller, who is taking over as chief executive of Germany's Porsche from October 1 and who was formerly in charge of product management, product planning and model series for the Volkswagen Group and the Volkswagen brand.

Wolpert is already the third Porsche manager to move to Volkswagen within a short period of time, as the two companies prepare to merge.

"Porsche and Volkswagen are continuing to dovetail," said Martin Winterkorn, chairman of the board of management of Volkswagen AG.

Wolpert, who joined Porsche AG in 1984, has been the head of the Cayenne sports-utility vehicle since July 1998.

Current Porsche chief Michael Macht will become new board member for production at Volkswagen, while Frank Tuch, previously a Porsche executive, is now quality chief at Volkswagen.

-By Katharina Becker, Dow Jones Newswires; [phone]; [e-mail]