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VW Board Tells Piech To Go After Learning Of Plot

Ferdinand Piech resigned as chairman of Volkswagen over the weekend. The cause: reneging on a deal to support CEO Martin Winterkorn, and secretly plotting to oust him instead, according to sources close to the VW board. When the company's works council, and Lower Saxony — the company's top shareholder — heard that Piech had been lobbying family members behind the scenes to install Matthias Mueller, the CEO of Porsche, as the head of VW, they demanded a meeting of the board.

Read the whole story at Automotive News »

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