Volkswagen Chairman Ferdinand Piech Is Retiring

On Saturday, one of Volkswagen's most towering figure for over two decades, Ferdinand Piech, announced that he will be resigning from his post as the company 's chairman after losing an a showdown with Martin Winterkorn, the company's Chief Executive.

Piech, a 78-year old grandson of the inventor of Volkswagen Beetle, had been previously successful in ousting other Volkswagen executives who have crossed path with him, including Bernd Pischetsrieder, whom he handpicked as the CEO of Volkswagen.  This time around, no one had Piech’s back as he lost the fight in a five-to-one unexpected vote of Volkswagen's steering committee last week as the state of lower Saxony, labor representatives and even Wolfgang Porches,  Piech’s cousin,  stood firmly behind Winterkorn.

After another meeting that was held on Saturday, the six-member panel released a statement stating that, "The members of the steering committee came to a consensus that, in the light of the past weeks, the mutual trust necessary for successful cooperation was no longer there.”

“Against this background, Professor Doctor Ferdinand K. Piech resigned from his office as chairman as well as all his supervisory board mandates within the Volkswagen group with immediate effect," the statement said.

Berthold Huber, the deputy chairman of Volkswagen, who will be taking up the chairman post until a new chairman has been selected, said that, "The uncertainty had to be ended today."

Huber added that, "The steering committee was and is conscious of its responsibility to Volkswagen and its many thousand staff."

Piech’s term as the chairman at Volkswagen's supervisory board was set to expire come April 2017.

 

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