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VW to Start Search for New CFO

February 20, 2020

Volkswagen AG Chief Financial Officer Frank Witter is set to leave by the middle of next year after the carmaker agreed not to extend his contract by the customary five-year period, according to people familiar with the matter.

Witter’s contract, which was due to run out later this year, was recently renewed, but only until June 2021 to take into account personal wishes of the finance chief, said the people, who asked not to be identified as the discussions are confidential. That gives the carmaker time to find a successor and organize an orderly handover for the veteran manager, who joined the company in 1992.

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