VW are set to find a new Chairman after Piech shock resignation.
Sources close to the Volkswagen board said that Ferdinand Piech resigned in April after attempting to oust the German auto giant's CEO Martin Winterkorn. Reports indicate that difficulties in breaking into the lucrative US market caused strained relations between Piech and Winterkorn.
Ferdinand Piech Image: The Motoring World |
Piech is alleged to have been secretly lobbying family members to install Matthias Mueller, Porsche's CEO, at the head of VW.
After leading VW for more than two decades, Piech, aged 78, was apparently offered an ultimatum by the board of Europe's biggest car manufacturer - either resign or be sacked.
Berthold Huber, the former head of Germany's influential IG Metall trade union, takes over as acting chairman following Piech's departure. However, it appears finding a new permanent replacement will be a complex and potentially stormy affair.
"Mr Piech's departure represents a seismic shift in Volkswagen's power structure, and could foretell drastic changes in how one of the world's largest automakers operates," said Karl Brauer at automotive research group Kelley Blue Book.