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Hans Dieter Potsch nominated new VW board chairman

Snapshot: Hans Dieter Potsch will take over the charge from Ferdinand Piëch, who is the grandson of Ferdinand Porsche.

Volkswagen Group, the largest automobile conglomerate in the world, holding the largest umbrella of luxury car brands has just appointed Hans Dieter Potsch as their next chairman. Hans will take over the charge from Ferdinand Piëch, who resigned recently after he lost the post of CEO to Martin Winterkorn, who will continue as the chief executive of the German powerhouse.

To give you a recall, Ferdinand Piech is the grandson of Ferdinand Porsche, who founded the company way back in 1960s and hold 50% of the ownership in Volkswagen through Porsche Automobil Holding SE. Piech has been credited as one of the most dynamic and aggressive chairman, who took the VW group to a whole new height, making it the number 1 seller across the globe.

Former union head Berthold Huber served as the interim chairman after Piech resigned, and with the appointment of Potsch, he will again be serving as the deputy chairman of the VW Group. Hans Dieter Potsch has been chosen by the Executive and Nomination committees of VW's Supervisory Board, and will move ahead from the post of chief financial officer of the company's management board.

An Austrian native and Industrial engineer by training, Potsch will continue to serve as the CFO until November. The extraordinary general meeting of the supervisory board will be called around that time to confirm his nomination and to find the new CFO in his place. Potsch started his automotive journey at BMW, where he moved up the ladder.

He served as the CFO and as the chairman at a number of German corporations apart from the BMW. Pötsch started his journey at VW in 2003, initially without portfolio, and then, took over the financial portfolio – a role he has held until now. In 2009, he was designated as the chief financial officer at the Porsche holding company.

The Supervisory Board will decide on a successor for Mr Pötsch without delay and according to the management, "the Executive Committee will begin deliberations on a possible successor immediately. It is important that we reach an informed decision, in which the entire Supervisory Board is involved. When deciding on a successor, we will act with the diligence required, particularly in view of the fact that Mr Pötsch will continue to perform his duties with his usual commitment until November. The Supervisory Board will ensure the continued management of the Volkswagen Group and an appropriate transition to the successor."

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