Volkswagen Chairman Resigns in Power Struggle

Volkswagen chairman Ferdinand Piech has resigned from his position.

Piech recently criticized Volkswagen CEO Martin Winterkorn in an interview with German news magazine Der Spiegel and it is now believed that Winterkorn will take over as the German automaker’s next chairman. Piech and the Porsche family control 51 percent of Volkswagen.

It is being reported that Volkswagen’s five-member board has given its backing to current CEO Winterkorn but deputy board chairman Berthold Huber will serve as interim chairman.

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Piech, 78, is a former Volkswagen chief executive and his wife Ursula has also resigned from her seat on the board. Volkswagen is the largest automaker in Europe and under Winterkorn’s watch, the company has been overhauled to become the world’s second-largest automaker by sales. Winterkorn has been CEO of Volkswagen for the last eight years.

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