VOLKSWAGEN:Volkswagen chairman Ferdinand Piech has told a German newspaper he could stay at the helm of Europe's largest car manufacturer for another five to seven years, which is beyond the term he was granted earlier this year.
“I have asked Martin Winterkorn to launch the next Golf. A new model usually comes out every 5-7 years. At least that long I will cover Winterkorn’s back as chairman,” Piech told tabloid Bild am Sonntag.
In April, shareholders voted for 75-year-old Piech to act as chairman for a third term, up until December 2016. He is currently the oldest-ever chairman of a listed German company.
Martin Winterkorn’s contract also runs until the end of 2016. Last year he earned more than any other manager among Germany’s top 30 companies.
Ferdinand Piech has been at the helm of Volkswagen for 18 years, nine of which he has served as chief executive officer. When asked by the German newspaper if he expects a negative impact on Volkswagen from sales incentive programs of other car manufacturers, he said: “For us, it will not be bloody.”
Piech did say that he was concerned about the impact of the euro zone crisis on Volkswagen. “We are worried about regions south of the Alps and west of the river Rhine. You’ll hardly notice five per cent plus or minus in Germany but will notice two-thirds less in Spain,” he told the paper. – Reuters