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July 11, 2007

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Stefan Jacoby to become CEO of Volkswagen of America, Inc.

The Volkswagen Group Board of Management has appointed Stefan Jacoby (49) as President & CEO of Volkswagen of America, Inc. effective September 1, 2007. Jacoby will assume overall responsibility for the Group’s automotive business in the USA. He succeeds Frank Witter (48), who is moving to Volkswagen Credit, Inc., where he will become Co-President, sharing the post with the present incumbent Kevin Kelly (60).

Stefan Jacoby will restructure automotive business in the USA in close coordination with the Group Board of Management. The objective is to achieve further significant expansion in the position of Volkswagen and Audi on the US market through attractive and competitive products.

Jacoby, who holds a master’s degree in business administration, has extensive experience with foreign markets. Following a period in the USA and in the Commercial Vehicles business line, he was Head of Controlling in Japan from 1990 to 1992, subsequently assuming responsibility for Volkswagen export operations worldwide. He was responsible for the Asia-Pacific Region from 1997 to 2001. He took up his present position as Executive Vice President for global Marketing and Sales, Volkswagen Group in 2004.

July 5, 2007

Photos: Volkswagen

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