Power Struggle Turns Uglier
Porsche family strife hits Volkswagen.
The power struggle at Volkswagen has turned into a family feud after it emerged that Wolfgang Porsche, chairman of the carmaker, planned to oust his cousin, Ferdinand Piech, chairman of Volkswagen.
Informed sources say Mr Porsche has closed family ranks against the strong-minded chairman of Europe’s largest carmaker.
Mr Piech, failed to attend a Volkswagen board meeting on Friday (September 12), a move that underminded his position in the eyes of Porsche shareholders. His non-attendance helped the union outvote shareholders on a motion restricting Porsche’s freedom to co-operate with Volkswagen-owned Audi.
A showdown is expected in the coming weeks when family members meet. Porsche, which owns 31% of Volkswagen, is looking to increase its stake to more than 50% by November.
Source: Financial Times
Credits: Jarvis
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