Reports out of Germany indicate that ousted chairman and current majority owner of Volkswagen’s parent group, Ferdinand Piech, may have tampered with the board nomination to replace him.
Piech may have prevented current VW CEO Martin Winterkorn from becoming chairman after the two’s public feud ultimately resulted with Piech’s abrupt resignation in April, Reuters reported.
If true, the backroom dealings would indicate that while Piech may not be overseeing VW anymore, he still wields significant influence on its operations and leadership.
Porsche Automobil Holding SE announced Thursday that it would propose its CFO Hans Dieter Poetsch to succeed Berthold Huber as chairman of Volkswagen’s supervisory board. The proposal was supported by Volkswagen AG.
Huber was appointed interim chairman for the German automotive giant after Ferdinand Piech was ousted in a dustup among leadership.
The announcement comes only a few days after Volkswagen said it extended its contract with its current CEO, Martin Winterkorn, for two more years and effectively ending his bid to replace Piech. Winterkorn and Piech publicly feuded over VW’s direction, eventually leading to Piech’s surprise resignation as chairman in April.
As a member of the board of majority shareholder in VW’s parent company, Porsche SE, Piech voted alongside the rest of the board unanimously to approve Poetsch as proposed chairman.
Volkswagen will extend its contract with CEO Martin Winterkorn through 2018, Automotive News is reporting, but that two-year deal may make him too old to succeed the man he ousted, Ferdinand Piech, who left the company last year after clashing with Winterkorn. (Read More…)
The search to replace former Volkswagen chairman Ferdinand Piech may stretch into next year, Reuters is reporting.
Piech left Volkswagen in April after a showdown with Chief Executive Martin Winterkorn, who is still a candidate for the top position. Piech led VW for more than two decades and is the grandson of Ferdinand Porsche.
Interim chairman Berthold Huber is expected to remain in the position at least until the end of 2015.
A week after Volkswagen Group chairman Ferdinand Piëch quit his post, the company’s supervisory board will meet Monday to discuss finding a replacement.
Ferdinand Piëch isn’t Volkswagen’s chairman anymore, but he doesn’t want a couple of his relatives to replace him and his wife on the board, either.
While Chief Executive Martin Winterkorn wears bruises from the conflict, Ferdinand Piëch has paid the ultimate of price and resigned his chairmanship with immediate effect.
While the dust-up between chairman Ferdinand Piëch and CEO Martin Winterkorn lingers on, Volkswagen looks to take silver on the global sales podium in 2015.
Disparaging remarks uttered by Volkswagen chairman Ferdinand Piech have led to speculation that the legendary auto exec is positioning himself to oust VW’s current CEO, Martin Winterkorn, a one-time ally of Piech who has overseen substantial growth during his tenure.