This immediate change in a key appointment was
decided by the supervisory board at its meeting yesterday in Wolfsburg. It
gives Witter a major new assignment. He was previously chairman of the board of
management of Volkswagen Financial Services AG.
In his new function, younger blood Witter
succeeds Hans Dieter Pötsch (64), who served as the Volkswagen Group board member
for Finance from 2003 and who, following his appointment by the competent local
court as a member of the supervisory board, was yesterday elected its chairman.
Number-cruncher Witter, born in May 1959, holds a degree in business
administration and has been with the Volkswagen Group since 1992. After
training as a qualified savings bank officer, Frank Witter studied economics at
the University of Hannover.
Witter joined Volkswagen AG in 1992, heading the capital markets
business section at the Group Treasury until 1998. He subsequently became
Treasurer at Volkswagen of America Inc., Volkswagen Canada Inc., VW Credit Inc.
and their subsidiaries in Auburn Hills, Michigan, U.S.A.
From 2001 to 2002 Witter served as corporate treasurer at SAirGroup in
Zurich, Switzerland. In 2002 he became chief financial officer at Volkswagen of
America Inc., Volkswagen Canada Inc., VW Credit Inc. and their subsidiaries.
From the beginning of 2005 he held the function of chief executive
officer and chief financial officer at Volkswagen of America Inc. and Volkswagen
Canada Inc. He was the group's executive manager and chief representative for
the region of North America from July 2006 to September 2007.
From October 2007 to mid-September 2008, Witter served as president and
chief financial officer of VW Credit Inc. and was regional manager for the
American markets of Volkswagen Financial Services AG. Witter was chairman of
the board of management of Volkswagen Financial Services AG from September 2008.
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