Here's a shocker: VW Chairman Ferdinand Piech ousted - Ferrari Life
 
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post #1 of 13 Old 04-26-2015, 07:06 AM Thread Starter
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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!

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post #2 of 13 Old 04-26-2015, 12:57 PM
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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
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post #3 of 13 Old 04-26-2015, 01:22 PM Thread Starter
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Quote:
Originally Posted by Italian Lover View Post
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.

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post #4 of 13 Old 04-26-2015, 02:38 PM
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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.

Taz
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post #5 of 13 Old 04-27-2015, 12:13 AM
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Sounds like LCdM is in good company these days.

Best wishes, John
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post #6 of 13 Old 04-27-2015, 08:37 AM Thread Starter
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Originally Posted by tazandjan View Post
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.



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post #7 of 13 Old 04-27-2015, 12:17 PM
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Seth, from what I can find, he owns 13.2% of stocks, worth 1.7 billion euros ($1.85 billions)....

w/ smiles
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post #8 of 13 Old 04-27-2015, 06:28 PM
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Quote:
Originally Posted by Italian Lover View Post
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.

Last edited by champagne612; 04-27-2015 at 06:41 PM.
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post #9 of 13 Old 04-28-2015, 04:58 AM
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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...

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post #10 of 13 Old 04-28-2015, 10:56 AM
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He and Luca should team up with Jim Glickenhous. Imagine what they could produce as a team.
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post #11 of 13 Old 04-29-2015, 05:23 AM
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Quote:
Originally Posted by 360 Modena View Post
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...

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post #12 of 13 Old 04-29-2015, 05:48 AM
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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.
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post #13 of 13 Old 04-29-2015, 07:53 AM
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Originally Posted by brettgagnon View Post
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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