| VW's Piech still trying to maintain iron grip, may oust Pors... |
| Author Views 153 Posted at 2008/2/19 23:22 [View In Forum] |
 Ferdinand Piech has a well deserved reputation as something of a control freak. Piech is the chairman of the Volkswagen Group Supervisory Board, a position he took on after hitting the mandatory retirement age from his previous role as CEO a few years ago. Since then he has already ousted one hand picked successor (Bernd Pischetsrieder) who dared to try and exert too much authority over the company.The ongoing soap opera that is the relationship between Porsche and Volkswagen may soon claim another victim, Porsche CEO Wendelin Wiedeking. Porsche has so far accumulated 31-percent of VW's common stock, but it's not clear how far Porsche is willing to go with a takeover. Piech is the grandson of Ferdinand Porsche, who developed the original Beetle and whose son Ferry founded the sports car manufacturer. The Porsche and Piech (Ferry's sister Louise Piech) families maintain a controlling interest in the company, but it's also not clear how much of an active role they have played in the takeover. Piech apparently feels that Wiedeking has exhibited a bit too much autonomy over the company and that is just not acceptable. Piech evidently favors bringing in Pischetsrieder's former BMW sidekick Wolfgang Reitzle, although Volkswagen denies all of this. Volkswagen, of course, also denied that Pischetsrieder was about to be dismissed right up until the moment that we was shown the door. Fun times in Wolfsburg and Stuttgart. [Source: Automotive News - Sub. req'd] Other languages: English| Español | Français| Deutsch| Русский| Português| Italiano| Polski| العرب| Українська Nederlands| Turkish| 한국어| 日本语| 简体| 繁體 the contents of this automatic machine translation we do not guarantee the accuracy, please visit the English original content. |
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