While Chief Executive Martin Winterkorn wears bruises from the conflict, Ferdinand Piëch has paid the ultimate of price and resigned his chairmanship with immediate effect.
According to Reuters, the ongoing row between CEO and Chairman at Volkswagen eased this past week, but when the group's supervisory board put their support behind Winterkorn, the 78-year-old grandson of Ferry Porsche was left "isolated" in a five-to-one vote. Sources told the newswire service Piëch's decision to not support Winterkorn put his own position in jeopardy. Piëch's wife, Ursula, also resigned her positions within the company.
Piëch will be replaced by Deputy Chairman Berthold Huber in the interim. A vote on when a new Chairman will be chosen has not been announced.
The post BREAKING: Piëch Resigns Chairmanship, Winterkorn Continues as CEO at VW appeared first on The Truth About Cars.
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