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The Associated Press September 27, 2011, 4:14PM ET

Volkswagen's US financing division names new CEO

Andrew Stuart will become president and chief executive of VW Credit Inc., Volkswagen Group of America Inc. said Tuesday.

VW Credit Inc. is a subsidiary of Volkswagen Group of America, which comprises the U.S. operations for Volkswagen AG, Europe's largest automaker.

VW Credit provides financing for Volkswagen, Audi and Bentley customers in the U.S..

Stuart's appointment is effective in January. He will succeed Kevin Kelly, 65, the current president and CEO, who plans to retire in January after 34 years with the company.

Stuart, 44, has served as VW Credit's executive vice president and chief financial officer since 2008 and has more than 20 years of experience in the automotive industry.

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