MUNICH -- Volkswagen Group has extended the contracts of Audi CEO Rupert Stadler, VW sales and marketing boss Christian Klingler and VW China chief Jochem Heizmann.
VW said the three management board members had each received a contract extension but declined to specify how long the contracts had been extended for.
German daily Frankfurter Allgemeine Zeitung said that Stadler and Christian Klingler had each gained a contract extension to five years. Heizmann had received a contract extension of two years, the paper said.
Stadler has led Audi since 2007 when he succeeded current VW Group CEO Martin Winterkorn.
Audi is seeking to replace BMW as the top-selling premium brand as it targets annual vehicle sales of 2 million vehicles by 2020. Last year, Audi sold 1.58 million vehicles compared with 1.66 million sales of BMW brand vehicles and 1.46 million sales at Mercedes-Benz brand.