One of Volkswagen's most important and controversial figures has just resigned from his post as Group Chairman after mutual trust between the board members were no longer existent according to the Executive Committee of Volkswagen's Supervisory Board.

Dr. Ferdinand Piech, along with his wife Ursula Piech who leads the Supervisory Board of the company, have resigned from Volkswagen with 'immediate effect'. The automaker did not state the reason of the resignation but according to reports, it was due to the failed attempt of Ferdinand Piech to undermine company CEO Martin Winterkorn.

Allegedly, Ferdinand Piech had already distanced himself from Winterkorn since the month of April, claiming that the company isn't on the right track and that he blames Winterkorn for the current state of the company. In the end though, the Executive Committee sided with Winterkorn and even plans to extend his contract as company CEO until February 2016.

In the wake of the resignation, Supervisory Board Deputy Chairman Berthold Huber will temporarily be assigned as Chairman of the Supervisory Board wherein he will chair both the Supervisory Board Meeting on May 4, as well as the Annual General Meeting scheduled on May 5, 2015.

Dr. Ferdinand Piech first joined Volkswagen AG back in 1993 as Chairman and CEO after leaving Audi. He is widely credited as the man that turned Volkswagen into the automotive giant that it is today. He oversaw the purchase of such brands like Bentley, Bugatti, Lamborghini, SEAT and Skoda.