Chairman of German auto engineering company Volkswagen (XETRA: VOW3) Ferdinand Piech resigned as of last week, according to CNN Money. Ina statement, the company confirmed the news, saying Piech resigned due to "trust" issues on the company's board. According to CNN, at one point Piech no longer supported the decisions of the CEO Martin Winterkorn, creating a rift in the company's upper management. Piech's wife, who also held responsibilities at Volkswagen, has also resigned from her duties. Piech held is position at Volkswagen for more than 20 years. The company announced Berthhold Huber will take over Piech's position until a permanent replacement is decided upon, CNN reported.