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Friday, 17 April 2015

Volkswagen CEO Winterkorn to stay in defeat for chairman

Volkswagen Chief Executive Winterkorn stands at the Volkswagen booth at the world's largest industrial technology fair, the Hannover Messe By Andreas Cremer and Jan Schwartz BERLIN/HAMBURG (Reuters) - Martin Winterkorn will stay on as chief executive of Volkswagen in an unprecedented defeat for Ferdinand Piech, the German carmaker's powerful chairman and patriarch of its founding family. Piech, who turned 78 on Friday, provoked a showdown with his CEO last week by planting a comment in a German magazine saying he had "distanced" himself from Winterkorn, who has nearly doubled revenues at Europe's largest auto group in his eight years at the helm. VW shares rose over 2 percent on the news before falling back to trade marginally lower. "Winterkorn has received pretty clear support," said Daniel Schwarz, an analyst at Commerzbank.








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