Martin Winterkorn (left) and ousted ex-chairman Ferdinand Piech
CEO of Volkswagen AG, Martin Winterkorn looks to have secured his position as head honcho of the German automaker. Winterkorn’s current contract is scheduled to expire in December 2016; the new contract, once approved by the Supervisory Board, will see the CEO occupy the position until the end of 2018.
The supervisory board is set to vote on this item at a meeting on September 25. The mastermind behind Strategy 2018 was entangled in a tussle involving long-time chairman of the Volkswagen Group, Ferdinand Piech, earlier this year.
Beating all odds, a resilient Winterkorn came out on top, as the tables turned on Piech when the board put their support behind the CEO. The struggle eventually led to the 78-year old Piech’s voluntary resignation, with Berthold Huber temporarily assuming the chairman’s position.
“Together with Professor Martin Winterkorn at the helm we will continue on our successful path of recent years and systematically implement the goals of Strategy 2018,” Huber said, referring to the extension of Winterkorn’s tenure as CEO.
In the meantime, Volkswagen’s finance chief Hans Dieter Poetsch (pic above) is set to become the group’s next chairman after rival factions including the ousted Piech united to back him. Winterkorn also supports the move to elevate Poetsch, according to sources.
Volkswagen has recently overtaken Toyota in terms of sales for the first half of 2015, despite facing a challenging global market. The German brand from Wolfsburg will also be introducing a new budget brand come year 2018.
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