audi CE Paefgen out?

[C1J1Miller at aol.com]

AUDI
Chief executive Franz-Josef Paefgen reportedly about to be replaced
As the Volkswagen group prepares to split its units into two categories
called sporty and classic, the Financial Times reports that Audi's chief
executive is on the way out. At Volkswagen's scheduled supervisory board
meeting on November 23, the paper reports, Franz-Josef Paefgen will be
replaced, likely by VW product development chief Martin Winterkorn.

Audi has been the subject of criticism by outgoing VW chairman Ferdinand
Piech, among others, who said the company's strategy was failing to compete
with Jaguar, BMW, and Mercedes-Benz in the European premium segment. The
criticism was leveled even though Audi's sales were up seven percent and
pretax profit up more than nineteen percent in the first half of the year.
Volkswagen has not given many details about its structure or management
changes and declined to comment to the Financial Times about Paefgen's
status.