VW chair Piëch says he doesn't want to oust CEO

Volkswagen chairman Ferdinand Piëch told

Spiegel Online

that he is “not pushing” for the removal of CEO Martin Winterkorn,

according to the

Financial Times

.

Those were Piëch's first public comments since he “triggered the power struggle” earlier this month by telling


Spiegel Online


he was “at a distance to Winterkorn,” the


FT


report noted. Members of VW's supervisory board, including Piëch's cousin Wolfgang Porsche, the chairman of Porsche, supported Winterkorn, the article said. The Piëch and Porsche families together hold 51% of VW's voting shares.

The company's steering committee proposed a contract extension for Winterkorn. “This prompted speculation that Mr. Winterkorn, 67, had won the battle with Mr. Piëch, 78, but not necessarily the war,” the


FT


article said. “Although the chairman and chief executive have agreed to co-operate, the company's annual general meeting still threatens to be awkward for the pair as they must share the same stage.” (Source:


Financial Times


, April 24, 2015.)