Strings attached

The good news is that Bernd Pischetsrieder will remain in the driver’s seat at Volkswagen after all. The chief executive of the German carmaker received the unanimous backing of the 20-strong supervisory board, confounding fears that he would be ousted by union allies of VW chairman Ferdinand Piech. In truth, his re-election was always likely since, as breakingviews reported in March, Piech was committed to honoring a shareholder pact requiring him to give his support to Pischetsrieder. Still, h...