Volkswagen Board Elects Ferdiand Piech to Further Term on Board

The Volkswagen board met and elected Ferdiand Piëch to a further term on the board of management of the Volkwagen Audi Group and elcted him to continue to be chairman of the board. Ursula M. Piëch, Ferdinand's wife, was also elected to the board of management. 

Volkswagen plans to repurchase 10% of the available shares of the company over the next five years, but it will also issue 43 million new shares of the company over the same time period. 

It also voted to pay dividends of €3.00 per ordinary share and €3.06 per preferred share of the company. This is significantly more than last year when it paid €2.20 per ordinary share and €2.26 per preferred share.

Ferdinand and Ursula were married in 1984. Before marrying, she ran a kindergarten in Austria. The two of them have had three children.