Volkswagen CEO Winterkorn to stay in defeat for chairman

April 17, 2015 9:52 AM

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Volkswagen CEO Winterkorn to stay in defeat for chairman

BERLIN (Reuters) - Martin Winterkorn will stay on as chief executive of Volkswagen (VOWG_p.DE), the German carmaker said on Friday, in an unprecedented defeat for its powerful chairman.

Ferdinand Piech, the patriarch of Volkswagen's founding family, had provoked a showdown with Winterkorn by planting a comment in weekly magazine Der Spiegel last week that he had "distanced himself" from his CEO.

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