VW Chooses CFO Poetsch to Become Its Next Chairman

Volkswagen Group has nominated Hans Dieter Poetsch, its 64-year-old chief financial officer, to become chairman in November.

Poetsch will fill a position held for more than 20 years by Ferdinand Piech before Piech resigned in April after his failed attempt to oust CEO Martin Winterkorn. VW's supervisory board voted yesterday to extend Winterkorn's contract through 2018.

VW's supervisory board says it will decide on Poetsch's successor "immediately."

Berthold Huber, a former union leader who has served as acting chairman since April. He praises Poetsch's strategic vision, knowledge of the auto industry and expertise in financial markets.