VW Extends CEO Winterkorn's Contract

By Michelle Krebs January 4, 2011

Martin Winterkorn - 132.JPGVolkswagen has extended the contract of CEO Martin Winterkorn, one of AutoObserver's newsmakers of 2010, for another five years, in order to complete the merger with Porsche.

Winterkorn became CEO in early 2007; his contract was to expire at the end of this year. His new contract runs through year-end 2016.

The contract extension is seen as a vote of confidence by VW's board that Winterkorn has the automaker on the right track.  Winterkorn has boldly embraced his company's full intention to become the global top dog in sales by 2018.

He backed that up by building VW's first U.S. plant in a quarter-century, investing heavily anew in operations in Germany, and launching a planned cavalcade of 70 new models globally through 2011. In the U.S., Volkswagen has a goal of selling 1 million vehicles a year by 2018, 800,000 Volkswagens and 200,000 Audis.

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