Ronan

http://www.autocar.co.uk/car-news/in...-vw-sales-slip


It seems clear there is some disagreement between Ferdinand Piech and Wolfgang Porsche right now, and the leadership of the group is in doubt. Personally I would not be surprised if Matthias Muller takes the helm of the whole group....
Any bets?

Torontoworker

The rest of the board came out in support - including Porsche family members. Seems Piech is the odd man out here.

Pags993

^ agreed, time for the old guard to know when to call it quits.

pongobaz

It's pretty much a done deal.

John 996 TT Cab

Given that Piech's Grandmother and Grandfather are the same Grandmother and Grandfather of Hans Peter and Wolfgang it's all really the same family anyway. Just different branches of the same tree.

theiceman

i just wouldnt count Piech out . he has proven to be quite resiliant ..

Torontoworker

http://www.porsche-se.com/pho/en/por...ervisoryboard/

Torontoworker

From the well connected F1 writer Joe Saward:

500

Wow, Piech has resigned:

http://www.bbc.com/news/business-32468360

End on an era.

It will take some time for the dust to settle, but this will have far-reaching implications.

Maybe his time had come to step back, but he really is one of the great automobile industry figures of the past century. Amazing that the 917 was just one of the early life projects!

Pags993

I think it's positive news for the future of VW as power struggles do not serve investors / owners well and no one wins in the end. His career is one of legend and that will never be forgotten. I think he genuinely recognized he was the odd man out and saw the writing on the wall as far as his ability to steer the future direction of VW given the lack of support from the other board members.

I personally hope they drop the "we want to be the largest" stupidity, that train of thinking does nothing but saddle corporations with mountains of debt and results in poor quality, cheaply made product no one wants.

JimV8

I guess it's just down to clipping coupons for the ex-boss now. Mind you he's at an age where most would welcome that challenge.

Torontoworker

I heard awhile ago that the metal workers union were tired of him. He has 1.7B€ worth of stock in VW that he threatened last week to sell at the first emergency board meeting at a meeting of private jets at Salzburg. Locals said it was incredible to see all these jets park at one end of the field and everyone pile into a G5 for the meeting. Apparently he agreed to give up his s**t disturbing over the future chairman position and within days was trying to get support from Hans Peter to back his plan. When the rest of the board heard he was reneging on his agreement another board meeting was called that was very pointed: resign or be fired. Between the State of Lower Saxony and the workers union they held the power to outvote Piech. When Qatar sold 10% of its shares to the Porsche family in 2013 the road map was clear on which way the power was going. Qatar still holds 17.5% of VAG stock and always sides with which way Porsche family members votes. Piech doesn't have to sell his shares but it's hard to see him retaining the shares when he no longer has a vote at the board level. The other interesting thing is that the Porsche family have right of first refusal if he does sell. If this were to happen the Porsche family will control VAG. Porsche already has control over its own stock having bought most of it back over the last three years. Maybe there is an opening at GM for Piech? 😃

Ronan

Interesting view in Autocar...http://www.autocar.co.uk/blogs/indus...-not-final-act

Sir5n

Yup

Xpit77

I hope so.
We share the same last name but I don`t think I` in the will.