Volkswagen Group of America Announces Personnel Changes

AUBURN HILLS, Mich., March 3 /PRNewswire/ -- Volkswagen Group of America, Inc. today announced that Joseph S. Folz, Executive Vice President, General Counsel & Secretary, has elected to retire from the Company effective May 1. Folz has been with Volkswagen since 1979 and has been chief legal officer since 1992.

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"I thank Joe Folz for his more than 28 years of incredibly dedicated service to the company. We will miss his leadership very much," said Stefan Jacoby, President and CEO, Volkswagen Group of America, Inc. "Joe has guided the Company's legal department for more than 15 years. His enthusiasm for our brands and his understanding of the complex legal environment of the US auto business have been key factors in his tenure and in our success."

"I have been lucky enough to have a dream job with a fabulous company," Folz said. "The company's forthcoming relocation to Washington is a great thing for Volkswagen, and it also makes this the right time to move on to the next phase of my life."

The Company also announced that as of May 1, David Geanacopoulos, currently Vice President, Public Policy, will succeed Folz. Geanacopoulos has been with Volkswagen Group of America for five years, and previously practiced law for the prominent Washington firm of Akin, Gump, Strauss, Hauer & Feld.

"David brings not only the important legal skills to his new position, but also a passion for this company and a vast knowledge of our new environment. We look forward to David serving in this new capacity," Jacoby said.

About Volkswagen Group of America, Inc.

Volkswagen Group of America, Inc. is a wholly-owned subsidiary of Volkswagen AG, the world's fourth largest automaker and the largest carmaker in Europe. It houses the U.S. operations of a worldwide family of distinguished and exciting brands including Audi, Bentley, Bugatti, Lamborghini and Volkswagen, as well as VW Credit, Inc. Founded in 1955, the company is currently headquartered in Auburn Hills, Mich. and will relocate its headquarters to Herndon, Va. in spring 2008.

Volkswagen Group of America brings to the U.S. vehicles that marry the science of engineering and the art of styling, with the goal of offering attractive, safe, and environmentally sound automobiles that are competitive and set world standards in their respective classes.

The company has approximately 2,500 employees in the United States and sells its vehicles through an 800-dealer strong network. With increasing popularity for its brands in the U.S., the company has set the goal of reaching one million car sales in the country by 2018. For more information, go to www.volkswagengroupamerica.com .

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