The automotive industry was rocked this weekend with news that Ferdinand Piech has resigned as Chairman of the Volkswagen Group.
The 78-year-old grandson of Ferdinand Porsche announced his resignation on Saturday, reportedly due to power struggles with VW CEO Martin Winterkorn.
It comes at a time when the VW Group, which controls Audi, Porsche, Bentley, Lamborghini, among other automakers, has seen overall growth in many markets, except for recent struggles in the U.S.
Piech’s resignation could have a significant impact on VW’s involvement in motorsports, particularly in Formula One, a championship which Piech had avoided.
Nearly all of the VW brands have a presence in motorsports today, particularly in sports car racing.
It includes Audi and Porsche’s LMP1 programs in the FIA World Endurance Championship; Porsche with factory GTE efforts in the FIA WEC and TUDOR United SportsCar Championship, as well as GT3 programs for Audi, Porsche, Bentley and Lamborghini.
Berthold Huber will assume Piech’s duties until a new chairman is elected, which could take place as early as the next shareholder’s meeting early next month.