Volkswagen board confirms CFO Poetsch as chair, cancels upcoming board meeting

Volkswagen has confirmed chief financial officer Hans Dieter Poetsch will move to a new position as board chairman as the automaker faces a scandal over cars that were equipped to cheat on U.S. government emissions tests.

Poetsch, 64, has been the company's CFO since 2003. The company said he would be appointed to the board and then elected chairman.

The board said in a statement Thursday that it was postponing a special shareholders' meeting slated for Nov. 9. It said that an investigation into the firm's conduct carried out by law firm Jones Day will take "at least several months" and would not be completed for the meeting.

That meant the company would not be ready to provide "well-founded" answers to shareholders' questions.