VW’s Supervisory Board Backs Extension of Chairman’s Contract

Volkswagen AG’s supervisory board is proposing to investors to extend the contract of Chairman Hans Dieter Poetsch and board member Louise Kiesling for another term of five years at the next annual meeting, a spokesman said.

The panel, which met on Saturday, also approved terms of settlements with its former top executives, including ex-Chief Executive Officer Martin Winterkorn, on damage claims over the diesel-emissions scandal that’s cost the carmaker more than 30 billion euros ($36.5 billion).

The agreements will be signed in the next days, the spokesman said, declining to disclose any details. Business Insider reported earlier that Winterkorn may pay about 10 million euros under the deal. Shareholders also need to approve the settlements at the AGM.

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