VW CFO set to become new chairman - Jewocity.com (press release) (blog)

“We will continue along the road of success of the past years with Martin Winterkorn at the head”, Supervisory Board Chairman Berthold Huber said. Shares in Volkswagen rose on the news, trading up 2. 7 percent at 167. 50 euros by 1506 GMT but still underperforming a 3. 2 percent-stronger German DAX. With Poetsch keeping a close eye on finances, Winterkorn was free to focus on the group’s range of vehicles, which include the Skoda Octavia wagon, Audi A6 sedan and Porsche 911 sports auto as well as heavy-duty Scania and MAN trucks. Winterkorn has been at the helm of the company since 2007, and earlier this year emerged as victor in a headline-making leadership battle with VW patriarch Ferdinand Piech over the carmaker’s difficulties in making substantial inroads into the USA... Julia Kuhn-Piech, a niece of Ferdinand Piech, will make way for Poetsch on Volkswagen’s supervisory board. Source: www.jewocity.com