11/11/2012 15:38:00

VW CEO, Chairman to Lead Company For Another 5-7 Years - Report

Related content

Europe's largest auto maker Volkswagen AG (VOW.XE) will be led by Chief Executive Martin Winterkorn and Supervisory Board Chairman Ferdinand Piech for at least another five to seven years, German tabloid Bild Zeitung reports in its Sunday edition.

"I have asked Martin Winterkorn to launch the next Golf [model generation] successfully as well. Golfs come out every five to seven years. At least for that long I will cover Mr. Winterkorn's back as supervisory board chairman," Mr. Piech is cited as saying in an interview.

The 74-year-old Mr. Piech is a former CEO of Volkswagen and an influential member of the Porsche and Piech family, which controls a majority stake in Volkswagen through Porsche Automobil Holding SE (PAH3.XE).

Mr. Piech said combustion engines are set to dominate the auto industry for a long time as battery technology isn't sufficient to roll out purely electric-powered cars on a large scale anytime soon. He also believes Volkswagen is well-positioned to steer through the European car industry gloom due to its large presence in more dynamic markets abroad. Demand for new cars has been falling for almost five years in Europe and the timeframe for a recovery remains uncertain amid high unemployment and tough austerity measures to tackle the region's sovereign-debt crisis.

Newspaper website: www.bild.de

Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 11, 2012 10:38 ET (15:38 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

The Weir Group PLC: Half-yearly report

30/07/2015 07:00:29
The Weir Group PLC today reports its results for the 26 week period ended 3 July 2015. Strategic progress in very challenging markets First ..

Form 8.3 - Royal Dutch Shell plc

29/07/2015 14:49:42
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Form 8.3 - RSA Insurance Group Plc

Related news
29/07/2015 13:38:05
FORM 8.3   PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% O..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Marathon Petroleum Corporation Announces Election of New Director
2
DENTSPLY International Inc. Declares Cash Dividend
3
EDF : Half-year 2015 financial results
4
Coface SA : Communication setting out the arrangements for the supplying of the Interim Financial Report for the first half of 2015
5
Aéroports de Paris :welcomes the agreement with the government on the draft 2016-2020 Economic Regulation Agreement

Related stock quotes

Volkswagen 185.85 -0.1% Stock price decreasing
VW 197.40 0.0% Stock price unchanged
VW VZ 200.00 0.0% Stock price unchanged

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2015   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
30 July 2015 09:07:04
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20150716.1 - EUROWEB3 - 2015-07-30 10:07:04 - 2015-07-30 09:07:04 - 1000 - Website: OKAY