Editor's Note:Changes at the very top of the Volkswagen Group appear to be continuing as Volkswagen AG moved to permanently fill the Chairman position vacated by Ferdinand Piëch earlier this summer. Volkswagen has confirmed the new Chairman will be Hans Dieter Pötsch, formerly the group's Finance Chief.

Interestingly, market analysis from publications like the Wall Street Journal suggest this may mark a partial win for the ousted Piëch who had reservations about Volkswagen Group Chief Executive Martin Winterkorn. An announcement of Winterkorn's own contract renewal through 2018 cam just one day before, but the naming of Pötsch to Chairman suggests Winterkorn may be cut off from taking that role eventually.

Read the full Volkswagen AG Press Release below.

The Executive and Nomination Committees of the Supervisory Board of Volkswagen AG decided in a meeting today to support the proposal made by the shareholder representatives of the Supervisory Board of Porsche Automobil Holding SE that Mr Hans Dieter Pötsch be elected to the Supervisory Board of Volkswagen AG at an Extraordinary General Meeting of Volkswagen in November this year. "We are confident that Pötsch is the right candidate for the position of Chairman of the Supervisory Board. Mr Pötsch is characterised by strategic vision, comprehensive knowledge of the automotive industry and considerable expertise in the financial markets", said the Deputy Chairman of the Supervisory Board, Berthold Huber.
At the request of the shareholder representatives, the Supervisory Board of Porsche Automobil Holding SE will now adopt a resolution regarding the proposal that Mr Pötsch be elected to the Supervisory Board during an Extraordinary General Meeting in November. As soon as this formal resolution has been received by the Supervisory Board of Volkswagen AG, the Supervisory Board of Volkswagen AG will decide on the date of the Extraordinary General Meeting and the termination of Mr Pötsch's term of office on the Board of Management to coincide with his election to the Supervisory Board.

The Executive Committee and the Nomination Committee also decided today to propose that not only Mr Pötsch but also Dr Louise Kiesling be elected to the Supervisory Board by the Extraordinary General Meeting. "Dr Kiesling has the full support of the Executive Committee", Berthold Huber affirmed. Dr Kiesling is currently a member of the Supervisory Board by virtue of a court appointment. An election must therefore be conducted at the General Meeting following this court appointment.

The Executive Committee thanked Ms Julia Kuhn-Piëch for her contribution to the Supervisory Board. "In the interest of the Group, we will continue to avail of Ms Kuhn- Piëch's valuable expertise," commented Professor Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG.

The Supervisory Board will decide on a successor for Mr Pötsch without delay. "The Executive Committee will begin deliberations on a possible successor immediately. It is important that we reach an informed decision, in which the entire Supervisory Board is involved. When deciding on a successor, we will act with the diligence required, particularly in view of the fact that Mr Pötsch will continue to perform his duties with his usual commitment until November. The Supervisory Board will ensure the continued management of the Volkswagen Group and an appropriate transition to the successor."