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Breaking news coming out of Germany today as Volkswagen Chairman and grandson of the company's founder, Ferdinand Piëch announced his resignation after losing a public battle to try an oust Volkswagen's chief executive, Martin Winterkorn. "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," said Volkswagen's Supervisory Board in a statement today. "For this reason Professor Dr. Ferdinand K. Piëch 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." The battle began earlier this month when Piëch told German publication Der Spiegel: “I am at a distance to Winterkorn.” In other words, your time is up. But Volkswagen's supervisory board weren't taking the bait. "The executive committee of the supervisory board of Volkswagen AG states that prof. Dr. Winterkorn is the best possible chairman of the board of management for Volkswagen,” the board said in a statement a few days after Piëch's comment. Piëch's comment came as a surprise to many, but some believe it has merit. Volkswagen has been having a number of problems ranging from a lack of vision for the future, to struggling in the American marketplace. Piëch pulled this same stunt back in 2006 when he attacked then-CEO Bernd Pischetsrieder. Although Pischetsrieder was awarded an extension on his contract and got a sudo-apology from Piëch, he was ousted six months after the attack. Piëch's resignation ends an era at Volkswagen where helped bring the company as a major player in the industry. For the time being, Berthold Huber will assume interim leadership of the board till a new chairman is found. Source: Wall Street Journal (Subscription Required), Car and Driver, Volkswagen Press Release is on Page 2 Wolfsburg, 2015-04-25 Statement of the Executive Committee of the Supervisory Board of Volkswagen AG The Executive Committee of the Supervisory Board of Volkswagen AG discussed again today in detail the situation of the Volkswagen Group. 1. 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. 2. For this reason Professor Dr. Ferdinand K. Piëch 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. In addition, Ms. Ursula Piëch has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. 3. The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman Berthold Huber. Mr. Berthold Huber will chair both the Supervisory Board meeting on May 4 as well as the Annual General Meeting on May 5, 2015. 4. Under the chair of Mr. Berthold Huber the representatives of shareholders and employees will in close cooperation determine the candidate for the new Chairman of the Supervisory Board. The election of the future Chairman of the Volkswagen Supervisory Board will follow a proposal made by members of the Supervisory Board representing shareholders. -
Breaking news coming out of Germany today as Volkswagen Chairman and grandson of the company's founder, Ferdinand Piëch announced his resignation after losing a public battle to try an oust Volkswagen's chief executive, Martin Winterkorn. "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," said Volkswagen's Supervisory Board in a statement today. "For this reason Professor Dr. Ferdinand K. Piëch 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." The battle began earlier this month when Piëch told German publication Der Spiegel: “I am at a distance to Winterkorn.” In other words, your time is up. But Volkswagen's supervisory board weren't taking the bait. "The executive committee of the supervisory board of Volkswagen AG states that prof. Dr. Winterkorn is the best possible chairman of the board of management for Volkswagen,” the board said in a statement a few days after Piëch's comment. Piëch's comment came as a surprise to many, but some believe it has merit. Volkswagen has been having a number of problems ranging from a lack of vision for the future, to struggling in the American marketplace. Piëch pulled this same stunt back in 2006 when he attacked then-CEO Bernd Pischetsrieder. Although Pischetsrieder was awarded an extension on his contract and got a sudo-apology from Piëch, he was ousted six months after the attack. Piëch's resignation ends an era at Volkswagen where helped bring the company as a major player in the industry. For the time being, Berthold Huber will assume interim leadership of the board till a new chairman is found. Source: Wall Street Journal (Subscription Required), Car and Driver, Volkswagen Press Release is on Page 2 Wolfsburg, 2015-04-25 Statement of the Executive Committee of the Supervisory Board of Volkswagen AG The Executive Committee of the Supervisory Board of Volkswagen AG discussed again today in detail the situation of the Volkswagen Group. 1. 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. 2. For this reason Professor Dr. Ferdinand K. Piëch 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. In addition, Ms. Ursula Piëch has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. 3. The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman Berthold Huber. Mr. Berthold Huber will chair both the Supervisory Board meeting on May 4 as well as the Annual General Meeting on May 5, 2015. 4. Under the chair of Mr. Berthold Huber the representatives of shareholders and employees will in close cooperation determine the candidate for the new Chairman of the Supervisory Board. The election of the future Chairman of the Volkswagen Supervisory Board will follow a proposal made by members of the Supervisory Board representing shareholders. View full article
