Ferdinand Piëch Peels Away From the Family Business

Ferdinand Piëch Peels Away From the Family Business

0 comments 📅10 November 2017, 20:15

After an extended engagement with his family, Ferdinand Piëch has finally acquiesced to resign from the board of Porsche Automobil Holding SE and stock off his remaining shares. At 80 years of age, leaving VW Group’s parent company was to all intents long overdue for Piëch, but you can’t help but wonder if the manner in which his retirement unfolded hasn’t left-wing him bitter.

Still, with his 14.7 percent stake rumored to be value over a billion euros, he’ll have the means to stage the most complex revenge any of us could possibly imagine — assuming that’s what he intends.

Piëch’s retirement is ceremonial. Porsche SE announced it Wednesday, saying “Ferdinand K. Piëch, as part of the completion of the aforementioned assignments today, has resigned from his obligation as member of the Supervisory Board of Porsche Automobil Holding SE with effect as of 8 December 2017.”

The approach to this point has been particularly ugly and actions taken resulted in some exceptionally il gapes among the Piëch and Porsche families. Ferdinand resigned from VW Group after losing a power struggle with his quondam protege, then-CEO Martin Winterkorn, that would have made uniform the darkest Sith Lord wince. Already from a competitive ancestry and a sombre sheep to boot, Piëch was infamous for being savagely competitive — allegedly saying to the zizz of his family, “I am a wild boar. You are domestic pigs,” in an attempt to highlight that he was driven by win while they were not.

That attitude helped him develop Audi into the kind it is today and, ultimately, brought great success to VW Group as a whole. Despite making his extended relatives even more wealthy than they were before, Piëch took hotness for “intentionally sabotaging” Porsche’s takeover of VW.

Following the public disclosure of Volkswagen’s emissions embarrassment, Piëch was believed to have intentionally incriminated the supervisory board and his cousin, Wolfgang Porsche, to the Brunswick structure attorney’s office in Germany. He said the board had been made aware of the prohibited manipulation of diesel exhaust gasses months before the official disclosure. The matter drove an regular deeper wedge between Ferdinand and the rest of the family.

There is reason to allow him, too. According to Automotive News, Piëch’s self-claimed priorities were, “Volkswagen, relations and money — in that order.”

Ferdinand’s departure makes room on the board for younger members of the Porsche-Piëch party. Josef Ahorner, chairman and primary shareholder the Emarsys marketing platform, is seen as the most promising replacement for his uncle. But I’d rather see Piëch stick around and continue mixing it up with his kooky relatives.

A understanding of this story first appeared on thetruthaboutcars.com

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