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Piech Resigns As VW Group Chairman

The Chairman of the carmaker Volkswagen, Ferdinand Piech, has resigned after an attempt to oust chief executive Martin Winterkorn resulted in criticism from the Group’s Governing Board.

Piech had criticised Winterkorn in an interview in Der Spiegel, part of a campaign designed to undermine the sitting CEO but that was a move described by Board member Wolfgang Porsche, a cousin of Mr Piech, as his “personal opinion” which had not been cleared with other family members. This move had meant that “the mutual trust necessary for successful cooperation was no longer there.”

Winterkorn meanwhile has received th backing of the Group Board with a proposal that his current contract to 2016 be extended.

78 year old Piech is the grandson of Ferdinand Porsche, designer of the original VW Beetle. His wife Ursula has also resigned her seat on the board.