VW Boss Martin Winterkorn said his goal for Volkswagen to surpass Toyota as the world’s largest car maker by 2018 is going to be tough and he would like to remain in his job after his contract expires next year in order to ensure continuity to reach the target.
“We know how ambitious our goals are,” Winterkorn told German weekly news magazine Der Spiegel.
He said VW now faces additional challenges due to the company’s strategy to incorporate Porsche and to develop a cooperation with Suzuki., in which VW has a 20 % stake.
Separately, German weekly Focus said VW plans to extend Winterkorn’s contract for four more years until the end of 2015. Citing supervisory board circles, the magazine said the board will approve the extension either in November or next February.
Winterkorn, 63, took over as VW group CEO in 2007 from Bernd Pischetsrieder. Winterkorn was previously head of VW premium car subsidiary Audi AG.
Last month, VW labor chief Bernd Osterloh said the board wants to prolong Mr. Winterkorn’s contract. “Our chief executive officer has advanced the company in every respect,” he told workers at the automaker’s headquarters in Wolfsburg.
Osterloh is deputy chair of the supervisory board, half of whose members are union representatives.
German CEO contracts typically run for a five-year period and a decision on an extension taken by the supervisory board about a year before the contract’s end.
Sourse: Automotive News