The Traderszone Network

Published in TZ Latest News 25 April, 2015 by The TZ Newswire Staff

Volkswagen Chairman Piech resigns after failing to oust CEO

Piech, the 78-year-old grandson of the inventor of the Volkswagen Beetle, had previously seen off other executives who crossed him, including his hand-picked successor as Volkswagen CEO, Bernd Pischetsrieder. The leadership row burst into the open this month when the news weekly Der Spiegel quoted Piech, the patriarch of the family that owns 51 percent of voting rights in VW, as saying he had “distanced” himself from CEO Winterkorn.