The surprise resignation of Volkswagen CEO Bernd Pischetsrieder may have been orchestrated by VW Chairman Ferdinand Piech (grandson of Ferdinand Porsche) and major VW shareholder, Porsche.Analysts have long speculated that Piech was grooming Audi CEO Martin Winterkorn as Pischetsrieder's replacement, while Porsche's 20-percent holding in VW saw Porsche CEO Wendelin Wiedeking gain a seat on the VW supervisory board, alongside Porsche's CFO.
Tuesday's move has analysts speculating that Porsche may expand its influence over VW by increasing its stake enough to gain a third board seat, with some investment bankers going so far as to suggest that Porsche may attempt to buy VW outright, or to swap its stake in VW for control of Audi.
[Source: Automotive News - reg. required]
The two-day meeting of Volkswagen's supervisory board ended with the subdued endorsement of CEO Bernd
Pischetsrieder (at right) and his ForMotion restructuring plan, with a pronouncement by chairman Ferdinand Piech
approving a five-year extension to Pischetsrieder's contract seemingly likely.
CAR reveals spy shots of McLaren P11 supercar
2010 Chevrolet Camaro priced: LS $22,995, SS $30,995
BREAKING: GM and Chrysler talking about merger
Spy Shots: Nissan 370Z again, with interior shots
2010 Mazda3 unveiled ahead of LA Auto Show
In the Autobog Garage: 2009 Chevy Cobalt SS Turbo
Knight Rider: The Liveblog -- Season 1, Episode 3
In the Autoblog Garage: 2009 Mazda RX-8 R3, return of the "hummer"
In the Autoblog Garage: 2008 Chevy Corvette Z06
Autoline on Autoblog with John McElroy
%20Chairman%20of%20the%20Board%20of%20German%20car%20maker%20Volk){kind=link}