Acting Volkswagen head says it will choose new board chair without rush

IndustriesAssociated Press

The acting chairman of Volkswagen AG says the company won't rush its choice of a new chair after the resignation of company patriarch Ferdinand Piech.

Acting chair Berthold Huber opened the company's shareholder meeting in Hanover, Germany, by saying that the choice of a replacement would be made with "the appropriate calm."

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Huber, the former head of the IG Metall industrial workers union, cited Piech's "extraordinary merits for his service to Volkswagen and the automotive industry."

Piech, whose family owns a majority stake in the world's No. 2 automaker, resigned after losing a power struggle with other board members over the fate of CEO Martin Winterkorn. Piech had criticized Winterkorn in an interview.

Winterkorn began his report to the shareholders by also paying tribute to Piech.