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The Supervisory Board of Volkswagen AG has released a statement from the Executive Committee saying that the group’s Chairman, Dr. Ferdinand Piëch, and Board member, Ursula Piëch, has both resigned from their positions in the group effective immediately.

The statement 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.”

Volkswagen - Ferdinand Piech

However, rumours says that the Chairman was forced to resign after an unsuccessful attempt to undermine the group’s Chief Executive Officer Martin Winterkorn.

Deputy Chairman Berthold Huber is said to assume the position temporarily to chair both the Supervisory Board meeting and the Annual General Meeting soon.

The Supervisory Board members representing shareholders will have to propose for an election for the future Chairman of the group’s Supervisory Board.

 



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