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VW extends Pischetsrieder’s contract

Volkswagen has extended the contract of Dr. Bernd Pischetsrieder as its chairman until April 16, 2012 at its AGM yesterday.

The VW supervisory board’s decision was unanimous.

There had been speculation from the press that Pischetsrieder would not have his deal extended amid unhappiness at plans that may lead to 20,000 jobs cuts by 2009 in the company’s ‘ForMotion’ restructuring plans.

Half of the seats on the company's supervisory board are held by worker representatives and there had been speculation that they would vote against Pischetsrieder continuing in his job.

VW has not made any final agreements on how many jobs will be lost, but the board is said to be negotiating with work councils and the IG Metall trade union.

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