VW’s Piech “Isolated” by Failed Winterkorn Attack

Volkswagen Group Chairman Ferdinand Piech's reign as the company's autocratic leader for 20 years may be over after his failed attempt to sidetrack CEO Martin Winterkorn, according to Reuters.

Piech told Der Spiegel earlier this month he had distanced himself from the popular CEO for unspecified reasons, thereby triggering a management crisis at the company.

Reuter's sources say Piech was "completely isolated" in last Thursday's emergency meeting of VW's six-member board leadership committee. One source says the other five members were ready to demand Piech's resignation until he joined them in declaring full support for Winterkorn.

Piech is slated to retire in April 2017, although Reuters' sources say he could resign sooner in the aftermath of the board committee's rebuke. The committee, including Piech, agreed on Friday to extend Winterkorn's contract when his current agreement expires next year.