Volkswagen's (VOWG.DE: Quote, Profile, Research) controversial chairman, Ferdinand Piech, acknowledged on Thursday to making a rare mistake in anointing Bernd Pischetsrieder his successor as chief executive five years ago.
Addressing shareholders who demanded an explanation for the board coup in November that sacked Pischetsrieder, Piech expressed regret for not installing top lieutenant Martin Winterkorn as CEO in 2002 due to their friendship.
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