VW Chairman leaves

Professor Dr. Ferdinand K. Piech, Chairman of the Supervisory Board of Volkswagen AG (VW), the owners of Scania and MAN, has resigned from his position with immediate effect. Additionally, Ferdinand’s wife, Ursula Piech, has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. The move comes after a reported power struggle between Piech and VW Chief Executive, Martin Winterkorn (who is also Chairman of the Scania Board of Directors). A statement announcing the Chairman’s departure 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.’

The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman, Berthold Huber. Huber is to chair both the Supervisory Board meeting on 4 May as well as the Annual General Meeting on 5 May. Under his chairmanship, the representatives of shareholders and employees will 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.