Winterkorn to head Volkswagen through 2016

Dr. Martin Winterkorn became CEO and Chairman of the Volkswagen Management Board on Jan. 1, 2007. While is contract was supposed to expire on Dec. 31, 2010, the Supervisory Board of Volkswagen AG (which stands for Aktiengesellschaft), extended the contract unanimously by five years. That means Winterkorn will stay at the helm of Europe’s largest automaker until the end of 2016.

“Volkswagen seeks continuity at the top of the company so we can concentrate completely on the details of our tasks,” Bernd Osterloh, the supervisory board’s deputy chief and head of the carmaker’s works council, said in a separate statement. “With Martin Winterkorn we’ll continue our successful course.”

Winterkorn’s two main goals before he leaves is to complete a merger with Porsche and surpass Toyota Motor Corp. as the world’s biggest carmaker.

– By: Omar Rana

Source: Automotive News (Subscription Required)