Audi CEO Stadler gets contract extension

VW Group sales and China chiefs also reappointed

Audi CEO Stadler targets 2 million annual sales. Photo credit: Bloomberg

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.

In the United States last year, Audi sold 158,061 units, compared with 334,344 sold by Mercedes and 309,280 sold by BMW.

In the first four months of this year, Audi has sold 50,881 units in the United States, compared with 105,519 Mercedes sales and 97,579 BMW sales.

Klingler has been VW Group's global head of sales and marketing since 2010. Heizmann took over VW's China operations in 2011.

Reuters contributed to this report