In a sudden move, Volkswagen Group Chairman Dr. Ferdinand Piech has resigned of his position. The Executive Committee of Volkswagen’s Supervisory Board said the "mutual trust necessary for successful cooperation no longer exists" and Ferdinand and Ursula Piech have resigned with immediate effect.
According to the same statement we figured out that Piechs were forced to resign as a result of Ferdinand’s unsuccessful attempt to undermine Volkswagen CEO Martin Winterkorn. The Piech’s place has been taken by Supervisory Board Deputy Chairman Berthold Huber. On May 4 he will find a replacement for Piech because on May 5 is the Annual General Meeting.
Even though Ferdinand Piech has resigned his shadow will continue to loom over Volkswagen for the next couple decades. He played an important role in the company and the big boys will never forget him.
26 Apr 2015
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