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Volkswagen chairman resigns!

Posted by on in Volkswagen News
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Volkswagen's chairman Ferdinand Piech has resigned from his role as chairman.

He resigned at the weekend with immediate effect following a clash with key directors.

Volkswagen stock surged more than 4 per cent in early trading on Monday as shareholders bet his resignation will herald improvements in corporate governance and shareholder returns.

There are also rumours that Volkswagen may make a move into F1 as Piech has in the past been the stumbling block due to a personal feud with F1 chief Bernie Ecclestone.

Ferdinand Piech shaped the company's destiny for more than 25 years. He rescued Volkswagen's fortunes as CEO from 1993 to 2002 and he then served as a powerful board chairman.

Time will only tell if this is a good move for the company or not, watch this space!