Dr. Thomas Bscher (51) is to take up the position of Head of the Bugatti brand within the Volkswagen Group. He will succeed Dr. Karl-Heinz Neumann as President of Bugatti Automobiles S.A.S. with effect from 1 December 2003. Neumann will retire at the end of this year following 38 years of dedicated service to Volkswagen.

Thomas Bscher has extensive experience in the field of management. Between 1986 and 1995, he was a personally liable partner of Sal. Oppenheim jr. & Cie., Cologne, responsible for Corporate Finance und Financial Markets. Since then, in addition to a very successful career in motorsport, Thomas Bscher has also been actively involved in managing several of his own companies. Commenting on the approaching change-over, Dr. Bernd Pischetsrieder, Chairman of the Board of Management of Volkswagen AG, said: "Management experience combined with a close affinity with motorsport is ideally suited to benefit the Bugatti brand.”

Dr. Karl-Heinz Neumann joined Volkswagen as an technical trainee in 1965. Following several positions in technical development, he became Head of Drive Train Development in 1994. One of the outstanding milestones in his career was the successful implementation of new generations of engines at Volkswagen. Since 15 December 2000, Neumann has been responsible for the Bugatti Veyron in his capacity as President of Bugatti Automobiles S.A.S.

The new Bugatti 16·4 Veyron sixteen-cylinder engine was developed under his management. Neumann was also involved in the assembly and development of the vehicle up to series production.