Pischetsrieder Tenders Resignation

Volkswagen AG's Chairman, Dr. Bernd Pischetsrieder, has tendered his resignation effective December 31, 2006. It's no surprise, really. Ever since his appointment in 2002, Pischetsrieder and Volkswagen's former chairman Ferdinand Piëch never saw eye to eye with each other. Both men saw Volkswagen's future on different paths. Piëch, who currently serves on Volkswagen's Supervisory Board may have had something to do with this. And with Porsche owning more of Volkswagen stake and Piëch's very close ties to the Porsche family certainly doesn't help Pischetsrieder's case.

Volkswagen's Supervisory Board has unanimously chosen Dr. Martin Winterkorn from Audi as Pischetsrieder's possible replacement. The Board will be discussing the matter of a replacement on November 17. If selected, Winterkorn begins his job on January 1, 2007.

Press release after the jump.

Source: Volkswagen AG.
Wolfsburg, 07 November 2006 - The Presidium of the Supervisory Board of VOLKSWAGEN AG and the Chairman of the Board of Management, Dr. Bernd Pischetsrieder, have agreed upon his resignation effective from December 31, 2006.

The Presidium of the Supervisory Board has unanimously proposed to appoint Professor Dr. Martin Winterkorn as his successor effective January 1, 2007.


The Supervisory Board will decide on this appointment at its next ordinary Board meeting on November 17, 2006.