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.

“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 http://www.volkswagengroupamerica.com .

SOURCE Volkswagen of America, Inc.
- Via Motor News Network [ http://www.motornewsnet.com/ ]