VW boss to step down

08-11-2006

VW boss to step down
Bernd Pischetsrieder is stepping down as chief executive of German carmaker Volkswagen (VW) at the end of this year, it has been confirmed.

Martin Winterkorn, current head of the firm's luxury Audi unit, is set to replace the 58-year-old.

The board will gather to approve the decision in a fortnight's time.

Mr Pischetsrieder, who had been overseeing the massive restructuring plan at VW in Germany, had only recently extended his contract for another five years.

The announcement of the departure was made after markets closed yesterday, but VW declined to offer a reason behind Mr Pischetsrieder's exit.

VW posted a third-quarter profit in October, beating market expectations. Meanwhile, Peugeot Citroen, Europe's second-largest carmaker, named Christian Streiff to run the Paris-based firm from February 2007, when current chief executive Jean-Martin Folz retires.

Mr Streiff was hired just one month after he quit as head of aircraft maker Airbus.

Peugeot Citroen aims to cut 10,000 jobs and reduce capital spending by about €500 million (£335 million) per year.


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