With the unanimous decision of Volkswagen AG’s supervisory board to renew his 5-year contract for another five years, chief executive Bernd Pischetsrieder can get on with the business of restructuring the auto maker. Pischetsrieder’s initial 5-year contract as chairman of the board of management (which defacto makes him CEO) expires in 2007. Traditionally, renewal is approved a year in advance at many German companies. With his future secure until April 16, 2012, Pischetsrieder can get ...

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