Pischetsrieder’s step out of the limelight is suspicious when you consider that just six months ago, his contract was extended for five years to 2012 and that the company’s share price and revenues have gone up significantly for the first 9 months of the year.
Pischetsrieder quit after a management committee, headed by VW chairman Ferdinand Piech, unanimously delivered a vote of no confidence towards him. The rumored reason is because of Pischetsrieder’s recent clashes with union officials. Just two months ago, Pischetsrieder made an agreement with unions to increase the working week to bring VW in line with its global competitors, which also saw the shedding of 20,000 jobs in Germany.