Volkswagen will extend its contract with CEO Martin Winterkorn through 2018, Automotive News is reporting, but that two-year deal may make him too old to succeed the man he ousted, Ferdinand Piech, who left the company last year after clashing with Winterkorn.
At the end of Winterkorn's contract, the man who led Volkswagen's recent revolution in America will be 71, making him too old for the top slot held by interim chairman Berthold Huber. Winterkorn was seen as the likely replacement for Piech, according to Reuters, but that job may go to an outsider now.
"This increases the chances for an external chairman, which is good news in our view," Arndt Ellinghorst, an analyst with Evercore ISI's global research head, said in a statement to Automotive News.
The distance between Winterkorn and Piech seemed to grow over their different strategies for VW in the Americas.
Volkswagen is competing with Toyota to be the world's largest automaker. Through six months, VW had a narrow lead delivering 5.04 million cars worldwide, compared to Toyota's 5.02 million.
The post Winterkorn Continuing At VW, But Maybe Not How He Wanted appeared first on The Truth About Cars.
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