Friday, November 10, 2006
VW chief quit over pace of restructuring
Volkswagen chief executive, Bernd Pischetsrieder, resigned over a dispute in the speed of the company's turnaround plans.
According to Reuters news agency, the car-maker's supervisory board voted against Pischetsrieder in an argument over the pace of rationalisation taking place.
VW has refused to give any reason for the change.
According to Reuters, Pischetsrieder threw in the towel after failing to bridge a difficult gap between board members eager to boost VW's efficiency and labour demands to protect jobs.
Citigroup analysts briefed its clients that 'Investors will likely fear that their 'bogeyman', Dr Piech, is back in effective control'.
Piech is a former chief executive of Volkswagen. He is also the grandson of legendary VW Beetle developer Ferdinand Porsche. His family controls sports car maker Porsche AG
DATED: 10.11.06
FEED: AW
According to Reuters news agency, the car-maker's supervisory board voted against Pischetsrieder in an argument over the pace of rationalisation taking place.
VW has refused to give any reason for the change.
According to Reuters, Pischetsrieder threw in the towel after failing to bridge a difficult gap between board members eager to boost VW's efficiency and labour demands to protect jobs.
Citigroup analysts briefed its clients that 'Investors will likely fear that their 'bogeyman', Dr Piech, is back in effective control'.
Piech is a former chief executive of Volkswagen. He is also the grandson of legendary VW Beetle developer Ferdinand Porsche. His family controls sports car maker Porsche AG
DATED: 10.11.06
FEED: AW
