VW LogoThe powers that be at Volkswagen have elected to keep Martin Winterkorn, the company's current CEO, on board for at least a few more years. Winterkorn has been instrumental in the German manufacturer's march toward global domination, and is looking to complete a merger with Porsche to become the world's number one automaker.

The 63-year-old executive has already brought a number of changes to the company, including adding Scania AB, a Swedish truck manufacturer, to the corporate stable. According to The Detroit News, Winterkorn is also planning to build two more manufacturing facilities in China in a bid to double production in that country.

Likewise, Winterkorn was instrumental in making the decision to open a new facility here in the U.S. That Chattanooga, Tennessee facility represents a billion-dollar investment for Volkswagen and is slated to produce a range of new models tailored to fit American tastes.

Combined, these three plants are poised to help Volkswagen reach its goal of beating Toyota in both sales and profitability by 2018.

[Source: The Detroit News]