VW Says Chairman Piech Will Remain in Post for Long Time

Volkswagen AG (VOW), Europe’s largest automaker, said Supervisory Board Chairman Ferdinand Piech has no plans to step down from his post.

“Piech is in the best of health and will remain for a long time as supervisory board chairman,” the Wolfsburg, Germany-based automaker said in an e-mailed statement today.

VW denied a Handelsblatt report that Chief Executive Officer Martin Winterkorn, 66, may take over as chairman in the coming months because Piech is in faltering health.

Piech plans to attend a Monday event in Frankfurt that VW always hosts on the eve of major auto shows, Spiegel Online reported today.

The 76-year-old “will also take part in such events as supervisory board chairman in the future,” Spiegel Online quoted Piech as saying. “Those who are reputed to be dead, live longer,” he said of the report that he will step down.

To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net; Chad Thomas in Berlin at cthomas16@bloomberg.net

To contact the editor responsible for this story: Chris Reiter at creiter2@bloomberg.net

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