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VW Board Chief Gets New 5-Year Term

Volkswagen shareholders have elected the company's powerful supervisory board chief, Ferdinand Piech, to another five year term.

BERLIN (AP) -- Volkswagen AG shareholders have elected the company's powerful supervisory board chief, Ferdinand Piech, to another five year term -- and installed his wife on the board for the first time.

Piech, who turned 75 Tuesday, has led the supervisory board -- the equivalent of a board of directors -- since 2002. Before that, he was chief executive for nine years.

Piech is a grandson of Ferdinand Porsche, who founded the company that bears his name and designed the first version of VW's signature Beetle.

VW's annual general meeting gave Piech a new term on the board Thursday, confirmed him as chairman and elected his 55-year-old wife, Ursula.

Volkswagen overtook Toyota last year to become the world's second-biggest automaker by deliveries behind General Motors, selling nearly 8.3 million vehicles.

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