Volkswagen chairman Ferdinand Piech quits in power struggle

[Wretched]

The chairman of the carmaker Volkswagen (VW), Ferdinand Piech, has resigned after a power struggle with chief executive Martin Winterkorn.

Mr Piech had criticised his chief executive in an interview with the German news magazine Der Spiegel, but did not specify the issue at stake.

Mr Winterkorn has been widely tipped as VW's next chairman. Mr Piech and the Porsche family control 51% of VW.

Volkswagen is the biggest car manufacturer in Europe.

On 17 April, Volkswagen's five-member governing board gave its backing to Mr Winterkorn.

Board member Wolfgang Porsche, a cousin of Mr Piech, said he had given his "personal opinion" without clearing his remarks with other family members.

Mr Piech, 78, is a former VW chief executive. His wife Ursula has also resigned her seat on the board.

In a statement (in German), Volkswagen said that deputy board chairman Berthold Huber would serve as interim chairman.

During his eight-year tenure as chief executive, Mr Winterkorn has overhauled VW and made it one of the world's most successful carmakers, industry analysts say.

In 2014, VW was the world's second-biggest carmaker by sales, behind Toyota and ahead of GM.

Apart from Volkswagen, the group's brands include Audi, Porsche, Lamborghini, Bugatti, Bentley, Skoda and Seat.

http://www.bbc.com/news/business-32468360

Disappointing for sure. The guy saved VW from bankruptcy, was responsible for much of Porsche's racing success and best yet is a general car nut. Sad to see him go.

[csv8]

sorry... I posted earlier!!!

[new2ford]

Skoda and to a lesser extent Seat saved VAG financially. Piech has also presided over a period when quality and reliability from the two German companies fell. Even Seat has lifted its game to above VW and Audi. Customer relations have also had a rough ride. Interesting that they are considering bringing the Skoda chairman across to Wolfsburg. The Germans will never let Skoda get too near the top but they don't mind the profits.