Pischetsrieder Crashes at VW

After battling with Chairman Ferdinand Piech, VW's CEO will step down by the end of the year

Volkswagen's chief executive Bernd Pischetsrieder will step down at the end of the year and will be replaced by Martin Winterkorn, who is head of the automaker's Audi unit. The announcement by the German automaker's supervisory board stunned employees and surprised stock analysts who follow the company.

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