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http://blog.caranddriver.com/breaking-vw-chairman-ferdinand-piech-resigns/
After an uncharacteristically public spat, it’s over: Volkswagen Group chairman Ferdinand Piëch has resigned, The Wall Street Journal reports, effective immediately. His wife, Ursula Piëch, a member of the board, has also resigned.
It’s an unexpected bold move from the man who was slated to head the VW Group’s supervisory board for at least another two years, but it comes on the heels of a terse falling-out. This month, Piëch rocked the VW Group’s boat with a typhoon wave when he told German news outlet Der Spiegel: “I am at a distance to Winterkorn.” The quote referred to Martin Winterkorn, VW Group’s CEO and a longtime disciple of Piëch.
It was long assumed that current CEO Winterkorn would take over Piëch’s spot as the head of VW Group’s supervisory board once the 77-year-old executive’s term ran out in 2017. But while VW Group vies with Toyota and General Motors for the title of world’s largest automaker, the German company has struggled to realize success in low-priced vehicles, expand its American market presence, and generate the profits expected of such a juggernaut.
Piëch Vs. Winterkorn: An Epic Battle Unfolds for Control of VW Group
Did Piëch Lose? Winterkorn Staying as VW Group CEO
Why Piëch Wants Winterkorn Gone, and What the Future Holds for VW Group
VW Group made a bold rebuff to Piëch this month, publicly calling Winterkorn “the best possible chairman of the board of management for Volkswagen” in a company statement that followed up Piëch’s salty remark distancing himself from Winterkorn. VW Group said today that deputy chairman of the supervisory board, Berthold Huber, will temporarily assume leadership of the board until a new chairman is elected. Piëch remains one of the automaker’s largest shareholders.
After an uncharacteristically public spat, it’s over: Volkswagen Group chairman Ferdinand Piëch has resigned, The Wall Street Journal reports, effective immediately. His wife, Ursula Piëch, a member of the board, has also resigned.
It’s an unexpected bold move from the man who was slated to head the VW Group’s supervisory board for at least another two years, but it comes on the heels of a terse falling-out. This month, Piëch rocked the VW Group’s boat with a typhoon wave when he told German news outlet Der Spiegel: “I am at a distance to Winterkorn.” The quote referred to Martin Winterkorn, VW Group’s CEO and a longtime disciple of Piëch.
It was long assumed that current CEO Winterkorn would take over Piëch’s spot as the head of VW Group’s supervisory board once the 77-year-old executive’s term ran out in 2017. But while VW Group vies with Toyota and General Motors for the title of world’s largest automaker, the German company has struggled to realize success in low-priced vehicles, expand its American market presence, and generate the profits expected of such a juggernaut.
Piëch Vs. Winterkorn: An Epic Battle Unfolds for Control of VW Group
Did Piëch Lose? Winterkorn Staying as VW Group CEO
Why Piëch Wants Winterkorn Gone, and What the Future Holds for VW Group
VW Group made a bold rebuff to Piëch this month, publicly calling Winterkorn “the best possible chairman of the board of management for Volkswagen” in a company statement that followed up Piëch’s salty remark distancing himself from Winterkorn. VW Group said today that deputy chairman of the supervisory board, Berthold Huber, will temporarily assume leadership of the board until a new chairman is elected. Piëch remains one of the automaker’s largest shareholders.
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