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Volkswagen says its CEO will stay
17 Apr 2015 18:06
Martin Winterkorn will stay on as chief executive of Volkswagen, the German carmaker said today, in an unprecedented defeat for its powerful chairman, Ferdinand Piech.
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Piech, the patriarch of Volkswagen's founding family, had provoked a showdown with Winterkorn by planting a comment in weekly magazine Der Spiegel last week that he had "distanced himself" from his CEO.
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A top VW committee met in Salzburg yesterday to try to resolve the row and gave Winterkorn its full backing.
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"The executive committee places great importance on the fact that Martin Winterkorn will pursue his role with the same vigor and success as before, and that he has the full support of the Committee in doing so," VW said.
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The six-member panel also said it would propose extending Winterkorn's contract beyond its December 2016 expiry date at a board meeting next February.
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VW shares rose over 2% on the news before paring gains to trade marginally higher.
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