By Todd Buell
FRANKFURT--The powerful chairman of Volkswagen AG unexpectedly
resigned Saturday, opening a new period of uncertainty for the
automotive giant just weeks after he threw the company into a
management crisis by withdrawing his support for VW's chief
executive.
Ferdinand Piech "has announced his resignation with immediate
effect from his position as Chairman as well as member of the
Supervisory Board, as well as all other mandates within the
Volkswagen Group," said the Wolfsburg-based company.
Mr. Piech remains one of the company's largest shareholders.
The statement said that Mr. Piech's wife Ursula had also
announced her resignation "from all mandates within the Volkswagen
Group."
"The deputy Chairman of the Supervisory Board, Berthold Huber,
will temporarily assume leadership of the Board until the election
of a new Chairman," said the firm.
For the past two weeks, Mr. Piech had been in open conflict with
Chief Executive Martin Winterkorn, though late this week had voiced
support for him.
Write to Todd Buell at todd.buell@wsj.com
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