Volkswagen is hoping to ensure their long-term success by renewing the contract of CEO Martin Winterkorn for an undisclosed length of time. In a speech to VW employees in Germany, Bernd Osterloh, the advisory board’s chief deputy said that Winterkorn has “advanced the company in every respect.”
Under Winterkorn’s leadership, Volkswagen has acquired truck maker Scania and is in the process of merging with sports car maker Porsche. VW posted its largest profit in two years during the 2nd quarter of 2010, amid rising Chinese sales. Volkswagen is aiming to be the world’s largest car maker by 2018.
[Source: Detroit News]