Volkswagen announced that the company would extend the contract of Martin Winterkorn as Chief Executive Officer (CEO) until 2018.
The Executive Committee of the Supervisory Board of Volkswagen AG unanimously agreed a resolution for submission to the Supervisory Board at its meeting on September 25, 2015. Under the said resolution, the board stated that Martin Winterkorn will remain as CEO until December 31, 2018.
Chairman of the Supervisory Board of Volkswagen AG Berthold Huber said that Winterkorn “will continue on our successful path of recent years and systematically implement the goals of Strategy 2018.”
Volkswagen's 'Strategy 2018' focuses on positioning the company as a global economic and environmental leader among automotive manufacturers.
As a review, former Volkswagen Group Chairman Ferdinand Piech claimed that the company wasn't on the right track and blamed Winterkorn for it. With this, Piech attempted to oust Winterkorn, but the latter got the support of Volkswagen's Executive Committee. As a result, Piech resigned from his post last April after leading the company for decades.