(autoinsidernews) - Volkswagen's CEO Bernd Pischetsrieder will step down at year end, and will be replaced by Audi CEO Martin Winterkorn, reports Trend.
Volkswagen gave no reason for the move, but said in statement, The presidium of the supervisory board of Volkswagen AG and the chairman of the board of management, Dr. Bernd Pischetsrieder, have agreed upon his resignation effective from December 31, 2006.
A source said officials had agreed not to discuss why Pischetsrieder was departing, but did say that he will be offered special assignments at VW when he steps down.
The move comes just six months after the supervisory board unanimously voted to extend Pischetsrieder's contract until April 2012. Pischetsrieder's predecessor and current supervisory board chairman, Ferdinand Piech, had told the press at that time that a contract extension remained an open issue. Piech is considered by industry experts to be the true boss of Volkswagen, and Winterkorn has been considered the favorite protege of Piech.
Volkswagen said the supervisory board's six-man steering committee had unanimously proposed Winterkorn as Pischetsrieder replacement. Analysts say that the change could have consequences for VW brand chief Wolfgang Bernhard who was considered another logical choice to replace Pischetsrieder in 2012.