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-   -   Here's a shocker: VW Chairman Ferdinand Piech ousted (https://www.ferrarilife.com/forums/drivers-lounge/45098-heres-shocker-vw-chairman.html)

intrepid 04-26-2015 08:06 AM

Here's a shocker: VW Chairman Ferdinand Piech ousted
 
It appears that the grandson of Ferdinand Porsche who had been remarkable in making VW the second largest automobile manufacturer in the world, had managed it through Porsche's attempted takeover of VW and turned the tables so as to acquire Porsche in the fall-out, was maneuvering to remove VW's Chief Executive, Martin Winterkorn, with whom he had feuded publicly. But VW's Supervisory Board refused to fire Winterkorn, instead demanding Piech's resignation. Speak of a backfire!

Italian Lover 04-26-2015 01:57 PM

Seth, the German boardroom looks like a mean place to be ?

As a sidenote, years ago I heard that Porsche and VW has/had a secret deal since WWII where Porsche gets a % royalty from the VW sold ?

w/ smiles
Jimmy

intrepid 04-26-2015 02:22 PM

Quote:

Originally Posted by Italian Lover (Post 620306)
Seth, the German boardroom looks like a mean place to be ?

As a sidenote, years ago I heard that Porsche and VW has/had a secret deal since WWII where Porsche gets a % royalty from the VW sold ?

w/ smiles
Jimmy

No, Jimmy, I've practiced business and corporate law for over 50 years; like any other corporate boardroom, when the Chairman and the Chief Executive Officer disagree over basic policy decisions and vie for control, the Board has to resolve the controversy and if it can;t be resolved, choose one, meaning loser leaves.

tazandjan 04-26-2015 03:38 PM

Seth- Any idea of how much of the company Piech owns? Sounds like the board got tired of all the drama. Porsche did very nearly own VW. If not for the recession, they probably would have.

Bluebottle 04-27-2015 01:13 AM

Sounds like LCdM is in good company these days. :crowngrin:

intrepid 04-27-2015 09:37 AM

Quote:

Originally Posted by tazandjan (Post 620386)
Seth- Any idea of how much of the company Piech owns? Sounds like the board got tired of all the drama. Porsche did very nearly own VW. If not for the recession, they probably would have.

no idea Taz but my guess is that in share numbers lots but in percentage of the Company, not so much. Interestingly, I just looked for him on Wiki, here's what they write:

Pich has fathered 12 children with four different women, and is currently married to Ursula (Uschi) Pich.[8] He is dyslexic,[8] an atheist,[9] and has a vast car collection that includes two Bugatti Veyrons that are regularly driven by him and his wife. An aggressive and demanding manager, Pich's prolific firing of subordinates throughout his career has been legendary in automotive circles, particularly how he engineered the ousting of former Volkswagen CEO Bernd Pischetsrieder and Porsche CEO Wendelin Wiedeking.[citation needed] According to Pich, he fires any subordinate who "makes the same mistake twice".[8] However, his efforts to similarly oust chief executive Martin Winterkorn backfired and led to the resignations of Pich and his wife from the supervisory board.



Italian Lover 04-27-2015 01:17 PM

Seth, from what I can find, he owns 13.2% of stocks, worth 1.7 billion euros ($1.85 billions)....

w/ smiles
Jimmy

champagne612 04-27-2015 07:28 PM

Quote:

Originally Posted by Italian Lover (Post 620306)
Seth, the German boardroom looks like a mean place to be ?

As a sidenote, years ago I heard that Porsche and VW has/had a secret deal since WWII where Porsche gets a % royalty from the VW sold ?

w/ smiles
Jimmy

There were lots of secrets especially with steel. A certain man in the midwest somehow brokered steel to their factory in return was given a percentage of cars in the region for a very long time.

The car industry as every other industry has been dropping the last generation - they don't seem to have the right mindset for efficient productivity.

I always liked Piech.

brettgagnon 04-28-2015 05:58 AM

Board room power plays can go wrong, especially when you are not well liked. Piech did amazing work making modern VW what it is, but he fought everyone along the way, and eventually you will lose a fight, this is one of those times.

He will be missed, but hopefully he goes off and retires comfortably, or creates his own niche car company...

360 Modena 04-28-2015 11:56 AM

1358 Attachment(s)
He and Luca should team up with Jim Glickenhous. Imagine what they could produce as a team.

brettgagnon 04-29-2015 06:23 AM

Quote:

Originally Posted by 360 Modena (Post 621610)
He and Luca should team up with Jim Glickenhous. Imagine what they could produce as a team.

they would fire each other (or kill), strong successful people who are use to leadership roles tend not to operate well together over time...

champagne612 04-29-2015 06:48 AM

It's accepted / expected to lose a few fights to win the battle.

VW makes too much money - he played a weak hand knowingly.

Liked or disliked it's all about ROI - money talks bs walks.

360 Modena 04-29-2015 08:53 AM

1358 Attachment(s)
Quote:

Originally Posted by brettgagnon (Post 621890)
they would fire each other (or kill), strong successful people who are use to leadership roles tend not to operate well together over time...


Sadly, that may be true, although I think Jim G. is a brilliant, but very grounded car guy w/o a super ego.


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