Volkswagen extends CEO's contract until 2016

Volkswagen Chief Executive Martin Winterkorn will continue at the helm of the German carmaker for an additional five years, after the company extended his contract.

The decision by Volkswagen's supervisory board to extend the 63-year old's contract to 2016 was unanimous, the company said on Sunday. Winterkorn, whose current contract expires on December 31, 2011, was appointed CEO of Europe's largest carmaker on January 1, 2007. As well as folding Porsche into VW's array of nine car and truck brands, VW is planning the construction of new plants in China, the United States and India and aims to expand its cooperation with peer Suzuki. Winterkorn had told Der Spiegel in September that he aimed to remain in his position after his current contract expires.