In a vote of confidence in his abilities, the Volkswagen Supervisory Board has elected to extend Dr. Martin Winterkorn's contract as the group's chief executive through 2016.
The German auto giant's management structure works a little differently than most corporations in the United States, with a supervisory board acting essentially like a board of directors, and a management board serving as the executive body. Therefore, the role that Winterkorn has occupied for four years now and will continue to fill for the next five is that of Management Board Chairman.
The extension of his current contract, which was not due to expire until the very end of 2011, creates some stability in an expanding empire that has very public aims to become the largest automaker in the world. Official announcement after the jump.
Volkswagen Supervisory Board extends contract of Prof. Dr. Martin Winterkorn
Winterkorn to remain at the helm of Europe's largest carmaker until the end of 2016
Wolfsburg, 02 January 2011 - The Supervisory Board of Volkswagen Aktiengesellschaft has extended the contract of Management Board Chairman Prof. Dr. Martin Winterkorn unanimously by a further period of five years.
Winterkorn is to head Europe's largest carmaker until the end of 2016. Winterkorn became Chairman of the Management Board on January 1, 2007 and his current contract expires on December 31, 2011.