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Volkswagen (NASDAQ:VLKAY) Chairman Resigns after failing to force out CEO

The Chairman of German car maker Volkswagen, Ferdinand Piech has resigned from his position after having an ugly spat with the CEO of the company, Martin Winterkorn. Ferdinand wanted to oust the CEO of the company as he criticized Winterkorn in an interview with German News magazine Der Spiegel. He said he had lost the support of Winterkorn but did not mention the issues clearly.volkswagen-chairman-piech

Winterkorn is now seen as the next chairman of VW. Winterkorn has turned the fortunes around for VW since he took over and made it the largest automaker in Europe and one of the best car brands in the world.

Piech and Porsche have a control of over 51 percent in Volkswagen and the industry specialists assume that Piech may have felt threatened by his one time ally. Piech received a great setback when the governing board of members backed Winterkorn. As a result, Piech resigned from his position as the chairman of the company.

A cousin of Piech, Wolfgang Porsche, who is also a board member of VW expressed his concern over the attitude of Piech. Porsche was wary of the fact that Piech gave his opinion without even consulting the family members on the board.

Piech’s wife has also resigned from the position following issues with Winterkorn. VW gave a statement according to which Berthold Huber will now hold the position as interim chairman of the company.

It was under the leadership of Winterkorn that VW became the second largest carmaker in the world, in terms of sales. It is important to note that the other car brands like Audi, Porsche, Lamborghini, Bugatti, Bentley, Skoda and Seat are also owned by Volkswagen.

About David Mayor

Writer and editor of The Next Digit Media, he takes care of iOS, Apple, Mac and other gadgets. He worked at Apple Inc, before joining to TND Media. He was graduated in Bachelor of Journalism & Mass Communication Degree from Cambridge University. All posts by David

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