Volkswagen Extends Ceo's Deal

04 May 2006

   WOLFSBURG, GERMANY - The supervisory board of German automaker Volkswagen has voted to extend the contract of beleaguered ceo Bernd Pischetsrieder until 2012.
   Volkswagen's decision has come amid the workforce's concerns over cost-cutting plans that could lead to 20,000 jobs losses by 2009 as the business struggles against Asian competition. These layoffs, however, were not mentioned by Pischetsrieder at yesterday's annual meeting.