Volkswagen Group Chairman Ferdinand Piech Resigns

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Ferdinand Piech, the Volkswagen Group Chairman has resigned as a member of the supervisory board, after a little battle for power.

Piech tried to gain power from Volkswagen CEO Martin Winterkorn, but was unsuccessful. A German magazine highlighted tensions between the two, some time ago.

The 78 year old Austrian lost the struggle for power when labour representatives on the supervisory board, and representatives from the state of Lower Saxony chose Winterkorn's side.

This made him resign in public. His wife, Ursula Piech, who is also a member of the board resigned with immediate effect as well.

At the moment, the empty position will be occupied by Berthold Huber, the deputy chairman of the supervisory board. Huber has been asked by company officials to find a person who can take Piech's position.

Piech, along with Wolfgang Porsche, maintain a 50.7 percent stake in the Volkswagen Group.

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Read more on: #volkswagen #auto news
Story first published: Monday, April 27, 2015, 11:32 [IST]
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