After the unsuccessful attack by Volkswagen Supervisory Board Chairman Ferdinand Piech to Chairman Martin Winterkorn the participants are working feverishly on a damage limitation. “All the major players are trying to objectify the situation again,” said a spokesman for Porsche Holding SE, the “world.”
Porsche SE with 50.7 percent of the shares of the largest shareholder in Volkswagen AG. The common shares of the SE are completely in the hands of the Porsche and Piëch families. The statement of the speaker thus applies to the two families who have a significant influence on Volkswagen.
The statement should be seen as a rejection of possible coup intentions towards supervisory board boss Piëch , At the weekend, reports had suggested the Supervisory Board, a majority would wanted to depose Piëch. “That’s not it, that’s not the goal,” it said in the context of the Porsche family. A calming the situation must now be a priority.
Similarly, on Sunday Prime Minister Stephen Weil (SPD) and for the employees’ representatives Supervisory Board had Berthold Huber (IG Metall) uttered. The state of Lower Saxony has a blocking minority in the supervisory board, the employee bank owns the controlling body for ten of 21 votes.
power struggle weakens the Group
“There is no reason to run the resignation of Dr. Piëch. The workers have stated repeatedly that we have the combination of two strong personalities at the helm of Volkswagen appreciate,” said the former IG Metall boss and deputy VW chairman Berthold Huber on Sunday. “We fully intend to continue with Dr. Piëch and Dr. Winterkorn the successful path of Volkswagen in the future.”
In this meaning to previously voiced repeatedly council boss Bernd Osterloh. The speaker of the Lower Saxony government also said on Sunday: “Prime Minister Stephen Weil has always insisted that he wants to continue the successful cooperation both with the CEO of the VW Group and to the Chairman This attitude has not changed.”.
Following the escalation of the power struggle in recent days, it gradually becomes clear how much damage for Volkswagen – the power struggle erupted from Piëch weakens the Group. “It is clear that the slugfest has both the CEO Martin Winterkorn and the supervisory board chairman Ferdinand Piëch damaged. No-one can at Volkswagen have an interest,” it said company sources.
Winterkorn, disassembly time being averted in the power struggle against supervisory board chairman Ferdinand Piëch, who recently publicly withdrew his confidence. The Presidium of the Supervisory Board strengthened Winterkorn Thursday afternoon in a crisis meeting his back. Accordingly, the Manager shall remain at the VW-tip, at the same time an extension of his contract he was promised.
Five to one against Piëch
The press release that are issued by Volkswagen end of the conversation in Salzburg on Friday afternoon, was the tone and content in a clear and unusually harsh rebuff for Piëch. It said: “The Bureau of the Supervisory Board of Volkswagen AG notes that Professor Dr. Martin Winterkorn is the best of the CEO for Volkswagen.”
He added: “The Bureau attaches great importance to Professor Dr. Winterkorn his capacity as Chairman of the Board continue as active and successful as far pursued, and in this case “
has the full support of the board. But with the word choice seems the defeat of the Supervisory Board for the time being totally boss. Group Experts suggest, however, that Piëch will hold despite the setback to its goal to prevent Winterkorn as his successor at the head of the Supervisory Board. The top VW controller is elected until 2017. As a motive for Piëch’s distancing from Winterkorn is believed that he is looking for another successor, to spur his life’s work.
However, as the “FAZ” and ” Bild am Sonntag “report, Piëch had at the crisis summit on Thursday temporarily fight for his own office. Not only that his attack on Winterkorn five to one, his own voice was so soundly defeated. Apparently his personal suitability for the post of Supervisory Chefs been called into question. “Bild am Sonntag” wrote of a palace coup, the Supervisory Board majorities against Piëch would now be looking for.
sale is unlikely
The self is said to have initially refused to leave Winterkorn in office. And he is said to have threatened to resign and the sale of its shares. Thus, the structure of the VW Group would become confused.
Ferdinand Piëch is not only Chairman and provided with the myth of Porsche’s grandson, but also significant shareholder. He holds about 13 percent of the common shares of Porsche SE. This is a well-founded estimate, but the ownership of individual family members be made public not.
If Piëch assign and sell, would have due to the pre-emption of Porsches and Piëch other family members to step in and raise the money. Mortising could the true, says an insider. The Porsche and Piëch families flowed last year for its ordinary shares of Porsche SE 306.6 million euros.
It is also conceivable that not the family but an external investor’s units takes over. The Qatar Holding had already ten percent of Porsche SE. “However, it is unlikely that Piëch would actually sell,” says an expert on the families. “Volkswagen is his life’s work, he coined the Group. Of this he does not separate so readily.”
Next, a guarantor of stability
Especially since he is not in this point under pressure. His attack on Winterkorn severely impacted Piëch’s relationship with the Executive Board and the majority of board members. Nevertheless, the chairman of the board, who is also the spokesperson for the family branch of the Piëch will have to continue as a guarantor of stability of the VW Group. The architect of what Volkswagen is today, and the success of the currently the second largest car manufacturer, it already is.
Even if CEO Martin Winterkorn the confidence of the majority of the Supervisory Board and may remain until 2016 or beyond in office, raises the question of his successor. Winterkorn is 67 years old today. The tasks that confront him and his successor in the coming years,
are enormous. It seems the main supervisory boards to be far too great a risk, to ensure a silent transition from winter grain on a successor – and now hold even after a new chairman and major shareholder out at the end. Especially since Volkswagen before hard times.
Until now drives especially good business in China, the sales and profit figures upwards. Other major markets such as the USA, South America, India and Russia run rather disappointing. However, especially in China are having an increasingly significant problems.
Next meeting on May 4
During leader Volkswagen in the People’s Republic in the first quarter anyway was able to record only an increase of two percent, experts describe the outlook for the overall market this year as a whole “not so bright”. The competition is harder, even climb the price pressure, said Cui Dongshu, chief economist of China Association of cars industry.
In his estimation of the upper class market, where especially the will German manufacturers are represented, with only seven or eight percent for the first time grow slower this year than the overall market. Until now, experts have predicted more than ten percent. “The pressure is enormous,” Cui said. In the “new normal” in China slower economic growth hit now available on the car market by.
At Volkswagen, now the Supervisory Board meeting is awaited on May 4, expected. There Piëch’s first meeting after his attack on Winterkorn to all other members of the supervisory body -. And the CEO himself “Up to this date, no other meetings of the Supervisory Board are planned”, was reported at Volkswagen
Maybe there will be at the meeting on May 4, again a slugfest of the two camps. This will prevent significant inspectors and at least initially produce the greatest possible unity.
“A day later, the Annual General Meeting. There, the shareholders are we climb onto the roof, especially if the situation escalated again shortly before. We can now set on a hot day at the shareholder meeting and for a long night with many questions, “reads the environment of the Supervisory Board.
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