In a shock announcement, the Volkswagen group has said that its Volkswagen brand CEO Bernd Pischetsrieder has resigned. He leaves the post – but not the company – at the end of the year and will be replaced by Audi CEO Martin Winterkorn.
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“The presidium of the supervisory board of Volkswagen AG and the chairman of the board of management, Dr. Bernd Pischetsrieder, have agreed upon his resignation effective from December 31, 2006,” VW said.
Pischetsrieder will take on ‘special assignments’ at Europe’s biggest car maker when he steps down as chief executive at the end of the year, a supervisory board source told Reuters.
Volkswagen said the leaders of its board of directors recommended that Audi CEO Martin Winterkorn take over as Volkswagen CEO on 1 January. The full board will decide on the move at a meeting on 17 November, it said in a statement.
Pischetsrieder has led moves to restructure Volkswagen with measures including massive job cuts and longer working hours, especially in Germany.
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By GlobalDataBut his efforts have been opposed by interests within VW including labour unions and former group head Ferdinand Piech, who retained an influential position as supervisory board chairman.
Piech was said to have waged a behind-the-scenes campaign undermining Pischetsrieder’s restructuring efforts.
Winterkorn, 59, is considered by industry analysts as Piech’s preferred candidate to replace Pischetsrieder.
