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 on Wednesday during a meeting at the company’s home plant in Wolfsburg, Germany.
Mr. 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.
“Mr. Poetsch has distinguished himself through his strategic insight, knowledge of the automobile industry, and his expertise in financial matters,” board member Wolfgang Porsche told journalists at VW’s headquarters in Wolfsburg.
Mr. Poetsch will be replaced as CFO, a title he has held since 2003, by Frank Witter.
