Volkswagen AG Extends Dr. Martin Winterkorn’s Contract Until 2018

Following a dramatic power struggle with Ferdinand Piech, the Executive Committee of the Supervisory Board of Volkswagen AG announced today that it will be extending Professor Dr. Martin Winterkorn’s contract as Chairman of the Board of Management of Volkswagen AG until 2018.

“The Executive Committee of the Supervisory Board of Volkswagen AG unanimously agreed a resolution for submission to the Supervisory Board at its meeting on September 25, 2015 under which a new contract as Chairman of the Board of Management of Volkswagen AG for a term until December 31, 2018 should be concluded with Professor Dr. Martin Winterkorn,” said the company.

“Together with Professor Martin Winterkorn at the helm we will continue on our successful path of recent years and systematically implement the goals of Strategy 2018”, Berthold Huber, Chairman of the Supervisory Board of Volkswagen AG, said.

A Ph.D graduate from the Max-Planck-Institute for Metal Research, Winterkorn began his career in 1977 as a specialist assistant in the research division "Process Engineering" at Robert Bosch GmbH.

In 1981 Winterkorn joined Audi AG as assistant to the Member of the Board for Quality Assurance.

In 1993 Winterkorn became Head of "Group Quality Assurance" at Volkswagen AG, before assuming the role of Member of the Board of Management of Volkswagen AG responsible for "Research and Development" in 2000.

He became Chairman of the Board of Management of Volkswagen AG on 1-January 2007, overseeing Volkswagen Passenger Cars, Audi, SEAT, Skoda, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN.