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- Master Standardshifter
- Posts: 10637
- Joined: Mon Mar 16, 2009 3:44 pm
- Cars: '08 Jeep Liberty
- Location: Greater Detroit Area
Piech resigns as VW chairman after failing to oust CEO
BOARD: MUTUAL TRUST...NO LONGER THERE
FRANKFURT -- Ferdinand Piech, a towering figure at Volkswagen for more than two decades, resigned as chairman of the company on Saturday after losing a showdown with Chief Executive Martin Winterkorn.
Piech, the 78-year-old grandson of the inventor of the Volkswagen Beetle, had previously succeeded in ousting other executives who crossed him, including his hand-picked successor as Volkswagen CEO, Bernd Pischetsrieder.
But this time, he was unexpectedly isolated in a five-to-one vote of Volkswagen's steering committee last week as labor representatives, the state of Lower Saxony and even his own cousin Wolfgang Porsche stood firmly behind Winterkorn.
http://autoweek.com/article/car-news/pi ... eakingnews
After 20 years of leadership, maybe his resignation will open VW's eyes as to what their real issues are with durability and cost of long-term ownership in the North American market.
'08 Jeep Liberty 6-Speed MT - "Last of the Mohicans"