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LOS ANGELES German automaker Volkswagen said CEO Bernd Pischetsrieder—who had been given a contract extension through 2012 only last May—would instead step down Dec. 31.
Martin Winterkorn, the head of VW’s luxury car unit Audi, will replace Pischetsrieder.
The decision comes amid layoffs of up to 20,000 workers, along with extended work hours at VW’s German plants and other cost-cutting measures, in an effort to compete with Asian automakers and to boost U.S. market share.
The resignation of Pischetsrieder and his replacement by Winterkorn is “a shock wave that will take awhile to travel through the industry,” said Todd Turner, principal analyst at Car Concepts in Thousand Oaks, Calif.
“It
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