VW Group Appoints Hans Dieter Pötsch As New Chairman [w/Video]

Following Ferdinand Piëch’s abrupt resignation from the position of VW Group Chairman and his temporary replacing by Berthold Huber, the company’s board has elected Hans Dieter Pötsch as the new Chairman.

Appointed with immediate effect, 64-year-old Pötsch was previously Member of the Board of Management with responsibility for Finance and Controlling (CFO). His former responsibilities were taken over by Frank Witter, previously Chairman of the Board of Management of Volkswagen Financial Services AG.

“Our sincere thanks go to Mr. Pötsch for agreeing to take on this important task at this difficult time. Mr. Pötsch has profound knowledge of the entire Volkswagen Group and the automobile industry in general as well as great expertise in financial markets,” said Dr. Wolfgang Porsche, Member of the Executive Committee, in a statement on behalf of the Supervisory Board.

The new VW Group Chairman focused his statements on the Dieselgate scandal. “I will do my utmost to uncover the full truth of what happened. I am firmly resolved to make my contribution so that Volkswagen can win back the trust of customers, the public, investors and business partners,” Pötsch said.

He added that Jones Day, the law firm commissioned by the Supervisory Board to conduct the external investigation, “is literally leaving no stone unturned.” Pötsch also said that the Supervisory Board “will do what is required of us to make sure that the necessary consequences are drawn from the investigation.”

Both new Chairman Hans Dieter Pötsch and new CEO Matthias Müller are known to have close ties to former Chairman and major VW shareholder Ferdinand Piëch.

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