Witter has refused to extend his contract by five years due to personal reasons and is instead going for a nine-month extension this autumn, the magazine added.
Volkswagen was not available for comment on the issue.
Witter has worked for Volkswagen AG since 1992.
In 2002 he was promoted to CFO of Volkswagen Group of America, Volkswagen Canada Inc., VW Credit Inc., and its subsidiaries and became CEO of Volkswagen of America and Volkswagen Canada Inc. in 2005. From 2006 to 2007 he was General Manager in management of Volkswagen AG for the North America region. From 2006 to 2007, Witter was responsible for the Group Executive Board of Volkswagen AG in North America. He then became President and CFO of VW Credit and was responsible for the American market for Volkswagen Financial Services.
Finance magazin has calculated that Witter had received 2019 VW pension commitments of 10.9 million euros.