11/11/2012 15:38:00

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

Related content
Related debate
20 Jun - 
Det må have været svært at få boblerne transporteret de..

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

Alliance Trust PLC : Net Asset Value(s)

24/06/2016 14:11:21
ALLIANCE TRUST PLC                                    At the close of business on Thursday 23 June 2016: The Company's NAV per ordinary share,..

HSBC Bank Plc : Form 8.5 (EPT/RI) - London Stock Exchange Group Plc

24/06/2016 11:52:38
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY ..

Form 8.3 - J Sainsbury Plc

24/06/2016 10:58:27
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
AIR FRANCE - KLM: Mr. Jean-Marc Janaillac is appointed Chairman and Chief Executive Director of Air France-KLM
2
Per Aarsleff Holding expands its Executive Management
3
Bermuda's Global Business Reacts to Brexit
4
UBISOFT ENTERTAINMENT : Ubisoft implements an employee shareholding operation in the United States named UBI'S MMO PLAN 2016 US
5
VINCI : VINCI to design and build very high speed optical fibre infrastructure for the French department of Moselle

Related stock quotes

Volkswagen 128.29 -4.4% Stock price decreasing
VW 138.70 -1.7% Stock price decreasing
VW VZ 139.80 3.6% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2016   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.
 
25 June 2016 02:41:34
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20160622.1 - EUROWEB2 - 2016-06-25 03:41:34 - 2016-06-25 02:41:34 - 1000 - Website: OKAY