Volkswagen board extends Pischetsrieder's contract

Bernd Pischetsrieder can go home and breathe a huge sigh of relief — his contract was unanimously renewed by Volkswagen AG’s board of directors, giving him another crack at the chief executive job at the automaker through 2012. The news comes just before the annual meeting, and not a moment too soon– with union problems, revenue issues and scandals plaguing the automaker, let’s just say he’s probably feeling fortunate about his newfound job security.

By Erin Mays
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Bernd Pischetsrieder can go home and breathe a huge sigh of relief — his contract was
unanimously renewed by Volkswagen AG’s board of directors, giving him another crack at the chief executive job at
the automaker through 2012. The news comes just before the annual meeting, and not a moment too soon– with union
problems, revenue issues and scandals plaguing the automaker, let’s just say he’s probably feeling fortunate about
his newfound job security.

[Source: Financial Times]