Osterloh: VW Doesn’t Need a New Chairman Yet

Volkswagen Group won't need to choose a chairman for its supervisory board until the company decides on a new corporate structure, board member and works council chief Bernd Osterloh tells Reuters.

Osterloh says VW's board hasn't yet taken up the question of a new chairman since Ferdinand Piech resigned the post in April. Piech left after a failed attempt to oust CEO Martin Winterkorn.

Winterkorn has since vowed to help revamp the group's brand-focused structure to improve efficiency and profit margins. Osterloh suggests the result will be a stronger central management team controlled by a smaller management board.

Osterloh predicts a proposed new structure for the company will be unveiled in September, according to Reuters.