Volkswagen chairman quits in power struggle with CEO
Piech was isolated in a five-to-one vote of Volkswagen's steering committee
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Frankfurt
FERDINAND Piech, a towering figure at Volkswagen for more than two decades, resigned as its chairman on Saturday after losing a showdown with chief executive Martin Winterkorn.
Mr Piech, the 78-year-old grandson of the inventor of the Volkswagen Beetle, had previously seen off other executives who crossed him, including his hand-picked successor as Volkswagen CEO, Bernd Pischetsrieder.
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