VW CFO Hans Dieter Pötsch becomes Board Chairman
While many South African CFOs might dream of becoming CEO at some stage in their careers, the recent example at VW in Germany might convince some to dream even bigger.
Volkswagen AG's controlling personalities, Wolfgang Porsche and Ferdinand Piëch, recently named the company's CFO, Hans Dieter Pötsch, as their candidate for chairman. The news may come as a shock to some, as it was made but a day after the company said it would be extending CEO Martin Winterkorn's contract through 2018. It also puts Pötsch in charge of Winterkorn, who is technically his boss.
According to reports, the entire board voted unanimously to back Pötsch, a man who is well respected in investment circles, and who has been a member of VW's management board since 2003. Pötsch will retain his position as CFO if he becomes Chairman.