GERMANY: Piech hints an extended stay at the head of VW
Volkswagen chairman Ferdinand Piech could stay at the head of the company beyond the term he was granted earlier this year.
He told the German newspaper Bild am Sonntag: “A new model of the Golf usually comes out every 5-7 years. At least that long I will cover (Martin) Winterkorn's back as chairman.”
A decision to prolong his tenure would push back long-awaited succession planning. Analysts have been critical of Volkswagen for not bringing forward managers seen capable of leading the 12-brand car group.
In April, shareholders voted 75-year old Piech to act as chairman for a third term which runs until December 2016. Piech is already the oldest-ever chairman of a listed German company.
Piech also served nine years as chief executive officer. He also told the newspaper that he is concerned about the impact of the euro zone crisis on VW.
"We are worried about regions south of the Alps and west of the river Rhine. You'll hardly notice 5% plus or minus in Germany but will notice two thirds less in Spain."