The Volkswagen supervisory board has agreed to extend CEO Bernd Pischetsrider’s contract for five years until 2012. The decision was made late on Tuesday night.
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German press reports at the weekend were speculating that Pischetsrieder did not have the support from the required two-thirds of the 20-member board.
According to dpa-AFX news, the meeting started late to allow time for sometimes heated discussions between employee and shareholder representatives. Employee representatives were thought to have been hoping to win concessions for employees in return for their support for Pischetsrieder.
In the end, both sides were publicly united on the fact that Pischetsrieder is the person to take the company through a period of restructuring. Employee representatives are reportedly happy enough the Volkswagen management has a good understanding of the need to maintain employment in Germany.
The supervisory board meeting continues on Wednesday and will focus on the details of restructuring programme announced in March.
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By GlobalData
