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Winterkorn is new VW boss

Volkswagen has formally named Martin Winterkorn as its new chief executive, succeeding Bernd Pischetsrieder who resigned last week.

Winterkorn will take up his new position on January 1.

Winterkorn will leave his current position as chairman of VW's luxury brand Audi. No announcement has been made concerning Winterkorn’s potential successor.

Pischestsrieder’s resignation came as a surprise as the VW board had extended his contract until 2010. VW gave no reason for Pischetsrieder's resignation saying only that it had ‘agreed upon his resignation effective from December 31, 2006’.

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