Austrian Hans Dieter Pötsch is set to become the new chairman of the Volkswagen Group after Ferdinand Piech’s surprise resignation in April.

Pötsch currently acts as the CFO of the Volkswagen Group but was nominated for the role of chairman initially by the supervisory board of Porsche Automobil Holding SE. Alongside support from the supervisory board of Volkswagen, Pötsch is expected to ink a deal to become the conglomerate’s chairman in November at a scheduled meeting.

Deputy chairman of the supervisory board Berthold Huber said “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.

“Together with professor Martin Winterkorn at the helm we will continue on our successful path of recent years and systematically implement the goals of Strategy 2018,” Huber said.

Pötsch has acted as VW’s CFO since 2003 with his successor expected to be announced after his signing to chairman.

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