Volkswagen Group Chairman Dr. Ferdinand Piëch has announced his resignation this past weekend. According to the official press release published by VAG, this decision is due to the reason that “mutual trust necessary for successful cooperation no longer exists”. It is believed he was forced to resign after trying (and failing) to undermine Volkswagen’s CEO Martin Winterkorn.
Supervisory Board Deputy Chairman Berthold Huber has been temporary appointed as the Chairman of the Supervisory Board within VAG and he will lead the Supervisory Board set for May 4 along with the Annual General Meeting set to be organized a day later. Huber will also have the responsibility of meeting with representatives of shareholders and employees in order to find a suitable candidate for the position as Chairman of the Supervisory Board.