According to the statement, Piech announced resignation “with immediate effect,” quitting from position of chairman of the supervisory board, member of the supervisory board and dropped all other mandates within the company.
The announcement of Ferdinand Piech’s resignation came after reports about strained relations between Piech and Volkswagen current CEO Martin Winterkorn. The split in the company’s leadership was broadly speculated after Piech said in interview with Der Spiegel in mid-April that he had “distanced himself” from Winterkorn.
The Volkswagen Group, a leading German car manufacturing company founded in 1937, is known for production of a wide range of passenger cars and commercial vehicles, as well as engines, turbomachinery, compressors and chemical reactors.
In 2014, company’s sales revenue amounted to 202 billion euros ($219.6 billion), according to the group.
