Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

VW CFO Poetsch to step into Piech's shoes as chairman

Published 09/03/2015, 09:28 AM
© Reuters. Hans Dieter Poetsch, CFO of German carmaker Volkswagen, adjusts his glasses during a news conference in Wolfsburg

By Andreas Cremer

BERLIN (Reuters) - Volkswagen's (DE:VOWG_p) finance chief Hans Dieter Poetsch was set to become the new VW chairman as he was endorsed by the carmaker's top-level committees and ex-chairman Ferdinand Piech.

Europe's biggest carmaker has been looking for a permanent successor to Piech, who was ousted in April after clashing with Chief Executive Martin Winterkorn over strategy but still wields influence through his family holding.

One day after proposing to extend the CEO's contract by two years until the end of 2018, the supervisory board's executive and nomination committees proposed to elect Poetsch, 64, as chairman, VW said on Thursday.

"Mr Poetsch distinguishes himself by strategic foresight, profound knowledge of the auto industry and great expertise in financial markets," said Berthold Huber, VW's interim chairman.

VW's plans to appoint Poetsch, who has been the German group's finance chief since 2003, to the helm of its 20-member board were reported earlier on Thursday by Reuters.

Volkswagen's controlling parent company Porsche Automobil Holding SE (DE:PSHG_p) said Poetsch had the unequivocal support of its supervisory board - which includes Piech.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.