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WOLFSBURG, Germany – Volkswagen has elected Chief Financial Officer Hans Dieter Poetsch to chair its board of directors, a move that comes amid a scandal over emission-test rigging that's roiling the German automaker.
The company's board of directors made the announcement Wednesday during a meeting at the company's home plant in Wolfsburg, Germany.
Poetsch's status as a company insider has provoked criticism that he is too close to current management to be able to deal with the scandal's fallout.
But he retains the backing of major shareholders, including the Piech and Porsche families. They have a majority of voting share through a holding company.
He fills a position vacated when longtime chairman Ferdinand Piech resigned in April.
Poetsch will be replaced as CFO, a title he has held since 2003, by Frank Witter.