Black Sheep Ferdinand Pich Reappears as Porsche SE Attempts to Ease Tensions

Matt Posky
by Matt Posky
black sheep ferdinand pich reappears as porsche se attempts to ease tensions

Porsche Automobil Holding SE has denied it intentionally misled investors over the severity of the VW emissions cheating crisis in 2015. With Volkswagen AG’s Chief Executive Officer Matthias Müller now personally caught up in the growing market manipulation investigation, it was only a matter of time before Porsche Automobil Holding released a statement to assure investors the board had done its job appropriately.

Müller’s joining of former VW CEO Martin Winterkorn, supervisory board chair Hans Dieter Poetsch, and board member Herbert Diess as the focus of government probes has made the situation appear fishier than a trawler’s top deck. However, at this week’s annual shareholders meeting, Poetsch said he is convinced none of the board members are guilty of any wrongdoing — presumably, he included himself in the statement.

“We perceive all legal claims against Porsche SE relating to the diesel issue as unfounded,” he explained.

Unfounded or not, the board has a lot on its plate right now. Members are having to cope with separate investigations coming from Stuttgart and Braunschweig-based prosecutors while fielding questions from annoyed investors. In total, the holdings firm is facing 165 individual diesel-related lawsuits from investors for a combined sum of just over 1 billion dollars. That sum is entirely separate from the billions Volkswagen was forced to pay by the U.S. government and the countless lawsuits from disgruntled customers across the globe.

Porsche SE, which is almost entirely controlled by members of the Porsche-Piëch family, is also still reeling from an internal power struggle after long-time VW patriarch Ferdinand Piech alleged his cousin Wolfgang Porsche and other board members knowingly withheld information from the public. Most of the family has since turned on Piëch, and he has agreed to sell his 14.7 percent stake to his amazingly rich relatives.

According to Germany’s Stuttgarter Zeitung, Ferdinand Piëch was in attendance at Tuesday’s shareholders meeting, despite having been absent from the event for the past two years. When asked how long he would remain on the board, he remained quiet as Wolfgang Porsche explained that his cousin had agreed to “remain available” until the sale of his shares could be finalized. Curiously, nobody asked if Piëch was just there to silently gloat.

[Image: Volkswagen AG]

Comments
Join the conversation
2 of 3 comments
  • V16 V16 on May 30, 2017

    Imagine sitting across from this guy during a performance review. His reputation is well earned.

  • NeilM NeilM on May 31, 2017

    "I know nuzzing!" [/schultz mode]

  • Jerry Hightower I'd like to see a true hardtop.
  • Jerry Hightower I'd like to see a true hardtop
  • 28-Cars-Later "Six-thousand dollars get you in the door."You just cost me six thousand dollars! And one Cadillac.
  • 28-Cars-Later Kudos to the Mazda team on the attractive front end, though the lack of front bumper is still detention after class. Rest of it is also visually appealing, its shocking me how good this looks and how bad Honda (and to an extent Toyota's) styling is in comparison.
  • Slyons My guess is they keep the 2.0 liter they have now with minor tweaks, and shoehorn in the 48V mild hybrid system that just debuted in the CX-90. Should allow for all the regular fun of wringing out the 4 cyl and bump the fuel mileage up at least a couple points. I don't think we'll see a major evolution of the drivetrain until the next next model (NF?).
Next