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Volkswagen group chairman Ferdinand Piëch resigns

Snapshot: The resignation of Dr. Piech came after some reports in the media suggested about a scuffle between him and Volkswagen CEO Martin Winterkorn.

In a rather sudden and shocking news, Dr. Ferdinand Piëch, Volkswagen Group Chairman has resigned effective immediately. Along with Dr. Piech, Ms. Ursula Piech also resigned from all the Supervisory board duties within the Volkswagne group. The resignation of Dr. Piech came after some reports in the media suggested about a scuffle between him and Volkswagen CEO Martin Winterkorn.

A statement issued by the Executive Committee of Volkswagen's Supervisory Board said that the "mutual trust necessary for successful cooperation no longer exists" so Ferdinand and Ursula Piëch have resigned with "immediate effect." The forced resignation was a result of Ferdinand's unsuccessful attempt to enfeeble Winterkorn.

Interestingly, Volkswagen is going to host two major meetings in the coming days, which otherwise was slated to be chaired by Dr. Piech. The Supervisory Board meeting on May 4, 2015 and the Annual General Meeting on May 5, 2015 will now be chaired by Berthold Huber, who is temporarily appointed as the Chairman of the Supervisory Board.  

Not only this, Huber will also be responsible for finding a new candidate for the post of Chairman, which he will do in accordance with representatives of shareholders and employees. Ferdinand Piech played a major role and making Volkswagen an umbrella brand and build projects like the Volkswagen XL1 Sportscar and Phaeton.

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