Volkswagen AG plans to extend Chief Executive Officer Martin Winterkorn ’s contract beyond next year as he aims to complete a merger with Porsche SE and surpass Toyota Motor Corp. as the world’s No. 1.
Volkswagen AG extended Chief Executive Officer Martin Winterkorn ’s contract by five years, giving the executive the time to complete a merger with Porsche SE and surpass Toyota Motor Corp. as the biggest automaker.
Volkswagen AG Chairman Ferdinand Piech and Chief Executive Officer Martin Winterkorn will probably stay at least until 2018 to push forward a growth plan, the automaker’s top labor representative said.
Lamborghini’s development maestro, Maurizio Reggiani, resigned himself to weeks of sleeping on the shop floor after parent Volkswagen AG pulled the planned debut of his SUV in favor of one from corporate cousin Bentley.