One of the preeminent figures within the European automotive industry is looking to get out of the family business. The former paterfamilias of Volkswagen AG, Ferdinand Piech, is looking to dump his stake of Porsche Automobil Holding SE and sever his remaining ties to VW. Piech’s shares would remain within the Porsche-Piech family — allowing them to keep control of Volkswagen Group — but Ferdinand would be out of the game as a majority stakeholder.
Piech has been at odds with his relatives after suggesting that Wolfgang Porsche and several other VW supervisory board members had been aware of Volkswagen’s emissions cheating much earlier than they claimed. Sources close to the family, whose members are apparently outraged, have stated that the Porsche-Piech gang sought to replace him at the table of Porsche Holdings ever since. (Read More…)
Former chairman of Volkswagen’s supervisory board Ferdinand Piech may soon be losing his seat on the Porsche SE board as well. While the Porsche and Piech families have combined their VW holdings in Porsche SE, its shareholders are voting on the future makeup of the company’s supervisory board at its annual meeting on May 30. However, a complete list of of candidates has to be decided upon by mid-April and Piech’s name seems to be absent from the early draft.
Wolfgang Porsche and Ferdinand’s brother Hans Michel Piech are both on the list of candidates, but Ferdinand Piech is not, according to the German weekly Bild am Sonntag, citing a person close to the matter. They hypothesized that the decision has more than just a little to do with Piech’s recent behavior regarding the VW emissions probe. (Read More…)
Ferdinand Piëch, former chairman of Volkswagen and grandson of Beetle creator Ferdinand Porsche, is in hot water with his former company.
The ex-chairman resigned in April 2015 — five months before the diesel emissions scandal broke — after the company’s steering committee put his future to a vote. Piëch lost after his rival, then-CEO Martin Winterkorn, saw VW management rally to his side.
A suspiciously hostile divide existed between both men at the time, and recent comments by Piëch may explain why the two doomed executives became such bitter enemies. To say that VW’s supervisory board isn’t happy with his comments would be an understatement. (Read More…)
Former Volkswagen chairman Ferdinand Piëch resigned his position a month after questioning and failing to get answers from ex-CEO Martin Winterkorn about the company’s defeat devices, an internal probe revealed.
The finding from the investigation by U.S. law firm Jones Day was published in the German newspaper Bild am Sonntag, Bloomberg reports, shedding light on the power struggle that preceded the diesel emissions scandal. (Read More…)
Ferdinand Piëch, the man who ruled Volkswagen like the king of a Teutonic fiefdom, was likely the cause of the diesel scandal that’s erased billions of dollars of value from Volkswagen as it looks down the barrel of a gun loaded with further billions of dollars worth of recall work, fines and law suits.
Or, at least, that’s the claim made by Bob Lutz.
Former auto industry executive Lutz called Piëch’s leadership style “a reign of terror” before saying “The guy was absolutely brutal,” in his latest piece for Road & Track.
Tell us what you really think, Bob.
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.