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VW Group Chairman Ferdinand Piech resigns

Xinhua, April 26, 2015 Adjust font size:

Volkswagen Group Chairman Ferdinand Piech has stepped down, the company announced on Saturday.

Piech has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group, a statement published by VW group on its website said.

The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists, it said.

Piech told a German press in an interview about two weeks ago that he did not want the CEO Martin Winterkorn to become the next chairman. The statement came as a surprise to the leaders of the VW group.

Deputy Chairman Berthold Huber will act as the interim chairman of the group. Piech's wife Ursula Piech has also resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. Endit