Martin Winterkorn

VW Group Chairman Ferdinand Piëch resigns

VW Group Chairman Ferdinand Piëch resigns

After the steering committee's decision to back current CEO Martin Winterkorn over Ferdinand Piëch, VW chairman and patriarch of the Porsche family, Piëch has announced his resignation.

Piëch along with the Porsche family controls 51% of the VW Group, which is the second largest car maker in the world.

Earlier this month, Piëch was quoted as saying that he had ‘distanced’ himself from CEO Winterkorn, and has brought into public a row over the levels of profits within the VW Group, and its failure to make inroads in to the American market.

In a big step for the company, the VW steering committee has decided to back Martin Winterkorn as the ‘best possible CEO for Volkswagen’ over Piëch’s move to have him replaced.

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