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VW chief resigns

Volkswagen chief executive Bernd Pischestsrieder will resign at the end of the year.

The decision came as a surprise, as the VW board had extended Pischestsrieder’s contract until 2010.

Martin Winterkorn, head of the Audi unit, will take over the post, the company said.

VW gave no reason for Pischetsrieder's resignation saying only that it had ‘agreed upon his resignation effective from December 31, 2006’.

Pischetsrieder's decision to go comes as VW undergoes a restructuring drive that involves 20,000 job losses.

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