Volkswagen extends boss Winterkorn's contract until 2018

Wednesday, November 9th, 2016 - autos, cars, motoring, news

Source : Volkswagen extends boss Winterkorn's contract until 2018

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Martin Winterkorn will at which point be chairman of the VW Group until the end of 2018

Volkswagen’s supervisory board extends boss Martin Winterkorn’s contract to the end of 2018

Martin Winterkorn will remain the boss of Volkswagen until at least the end of 2018, following a resolution taken by the firm’s supervisory board today.

In a statement, chairman of VW’s supervisory board Berthold Huber said: “Together with Professor Martin Winterkorn at the helm we will continue on our successful path of recent years as well as systematically implement the goals of Strategy 2018.”

There had previously been speculation about whether Winterkorn would certainly remain at the helm of the Volkswagen Group, after he was directly criticised by former board boss Ferdinand Piëch, who resigned in April.

Piëch – a member of the Porsche family – was seen as the VW Group’s main player since he became chairman of the board of VW management in 1993.

In a statement issued at the time of Piëch’s resignation, Volkswagen said: “The members of the steering committee came to a consensus which, inside light of the past weeks, the mutual trust necessary for successful cooperation was no longer there.

“Against which background, Professor Doctor Ferdinand K. Piech resigned via his office as chairman as well as all his supervisory board mandates within the Volkswagen group with immediate effect.”

Earlier which summer, Volkswagen toppled Toyota to become the globe’s largest car maker by car sales. The VW group sold 5.04 million cars worldwide inside first six months of which year, compared to 5.02 million units via Toyota.

The resolution to extend Winterkorn’s contract will be officially submitted as part of the VW Group’s next meeting at the end of which month.

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