Tag: Porsche SE

By on April 10, 2018

Matthias Müller, Image: Volkswagen AG/Wikimedia Commons (CC BY 3.0)

Volkswagen Group is thinking about replacing chief executive Matthias Müller with the head of its VW brand, Herbert Diess. According to inside sources, however, the decision already appears to have been made. When questioned about staffing changes, the company said it was “considering evolving the leadership structure” as it relates to the the management board — which could extend to a change in CEOs.

An automaker typically wouldn’t even hint at such a thing if it wasn’t already a done deal. That means Müller is almost guaranteed to be moving on soon, bringing his extended history with the company to a close. A true company man, Matthias completed a tooling apprenticeship at Audi in 1977, before a reprieve where he left to study computer engineering. Returning to the brand in 1984, Müller moved up the ranks swiftly — eventually becoming CEO of Porsche in 2010 and replacing Martin Winterkorn as Volkswagen AG’s CEO during 2015’s diesel emissions scandal.

While his contract is good until 2020, the company could still press for an early retirement. In fact, some reports even have Müller removed from his post already. (Read More…)

By on March 21, 2018

Volkswagen VW Badge Emblem Logo

While companies are often found guilty of sketchy and illicit behavior, it’s becoming increasingly difficult not to feel some measure of sympathy for German automakers. The same goes for the government officials whose job it is to repeatedly raid the homes and offices of people employed by those manufacturers. Once gain, German prosecutors have searched both Volkswagen and BMW over diesel-related shenanigans.

Volkswagen saw 13 of its offices raided in Wolfsburg throughout the month of March. Braunschweig-based authorities seized physical and digital files in the hopes of catching the automaker in a lie from 2015. At the time, VW claimed an in-house investigation found it had understated fuel consumption and carbon dioxide emissions on no more than 36,000 vehicles. Considering the diesel emissions scandal affected far more vehicle than this, as well as the company’s much higher earlier estimate, prosecutors hope to catch the company out.

Meanwhile, BMW saw its facilities searched over suspicions that it employed a defeat device to circumvent diesel emission testing. The automaker said authorities were looking into “erroneously allocated” software on the BMW 750d and BMW M550d.  (Read More…)

By on November 9, 2017

Ferdinand Piech, Image: Volkswagen AG
After an extended battle with his family, Ferdinand Piëch has finally acquiesced to resign from the board of Porsche Automobil Holding SE and sell off his remaining shares. At 80 years of age, leaving VW Group’s parent company was probably long overdue for Piëch, but you can’t help but wonder if the manner in which his retirement unfolded hasn’t left him bitter.

Still, with his 14.7 percent stake rumored to be worth over a billion euros, he’ll have the means to stage the most elaborate revenge any of us could possibly imagine — assuming that’s what he intends. One certainly could make the case that he’d have valid reasons for doing it.  (Read More…)

By on May 30, 2017

Ferdinand Piech, Image: Volkswagen AG

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.  (Read More…)

By on March 17, 2017

piech

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…)

By on March 12, 2017

VW logo

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…)

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