Ferdinand Piech to Lose Board Seat at Porsche SE and Remaining Pull at Volkswagen
Former chairman of Volkswagen’s supervisory board Ferdinand Piech may soon beÂ losing his seat on the Porsche SE board as well. While the Porsche and Piech families have combined their VW holdings inÂ Porsche SE, its shareholders are votingÂ on the future makeup of the company’s supervisory board at its annual meeting on May 30. However, a complete list of of candidates has to be decided upon by mid-April and Piech’s name seems to be absent from the early draft.
Wolfgang Porsche and Ferdinand’s brother Hans Michel Piech are both on the list of candidates, but Ferdinand Piech is not, according to the German weeklyÂ Bild am Sonntag, citing a person close to the matter. They hypothesized that the decision has more than just a little to do with Piech’s recent behavior regarding the VW emissions probe.
A spokespersonÂ for Porsche SE, which holds 52 percent of Volkswagen’s voting rights, said that the future composition of the board has not yet been decided.
Ferdinand Piech was not immediately available for comment. He resigned as Volkswagen chairman after a confrontationÂ with former Volkswagen CEO Martin Winterkorn in April 2015. Losing his seat at Porsche SE would take him further out of the fold.
Last month, an earlier report from Bild am Sonntag said that Piech had informed management at VW about the possibility of cars cheating diesel emissions tests in the U.S. six months before the scandal went public. Piech hasÂ refused to testify on the matter and no insight has been offered to the press on his previous interviews.
All of Piechâ€™s testimonies were given last year to the U.S. law firm Jones Day in April, followed by German prosecutors in December. “These comments were solely directed at the inquirers of Jones Day and the prosecutors respectively. They were not directed at the public media,” Piech’s lawyer, Gerhard Strate, said in a statement.
He also mentioned that Piech has no intention “to comment in public on what is being circulated as the alleged content of the questioning.”
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March 12, 2017 at 05:45AM