Europe’s largest carmaker Volkswagen is to the bitter power struggle in its top management and the resignation of chief inspector Ferdinand Piëch before a realignment. “Behind us lie – said gently – moving day,” chief executive Martin Winterkorn said Tuesday in Hannover at the AGM. The Group is now “in calmer waters on the way”, the focus will return to the business. Here foreseeable are strategic decisions, which are likely to profoundly change Volkswagen both personnel in its structures and working methods.
Ferdinand Piëch missing
was missing from the shareholders’ meeting for the first time since more than a decade on Supervisory tip longtime VW patriarch Ferdinand Piech. He had resigned in late April as losers of the power struggle.
Piëch had triggered the crisis of leadership at VW with attempting disassembly Winterkorn. But the council, the state of Lower Saxony as VW anchor shareholder and the major shareholders of the Porsche family had stood by Winterkorn. The Porsche / Piëch hold the majority of votes at the VW Group. . Together with the long-term former CEO and later chairman of the board Piëch also his wife Ursula had resigned in late April as inspector
Winterkorn praised Piëch’s achievements in Volkswagen: “This group and its people – and I – have Dr. . thanks very much Piëch “Piëch have the automotive industry in the past five decades basically dominated like no other – as an entrepreneur, as an engineer and as” “.
” courageous visionary Volkswagen is a very healthy company “
The VW CEO does not damage the business base. “There have been in recent weeks, countless interpretations, speculations and unfortunately exaggerations,” Winterkorn said. “You as our shareholders need to know: Volkswagen is a very healthy, well-positioned company. A company with very good business results and with at least as good prospects for the future. “
Also, the acting head of the VW supervisory board Berthold Huber paid tribute Piëch’s achievements. “Piëch has extraordinary contributions to Volkswagen and the entire automotive industry acquired”, the former IG Metall boss said to the applause of shareholders.
Cchefaufseher to Look at rest
When search for a new chief warden wants to let Volkswagen time. You’ll “do not rush”, but act with calm and prudence, said Lower Saxony’s Minister President and Volkswagen overseer Stephan Weil (SPD). According to Huber falls in mandatory Supervisory Board meeting following the Annual General Meeting a decision to follow him: “It will take some time.”
Because called the resignation Piëch a “cut” in the history of VW. He also stressed the great earned by the carmaker. For Piëch and his wife Louise Kiesling and Julia Kuhn-Piëch were nachgerückt to the Supervisory Board. Both are Ferdinand Piëch’s nieces. The two women stood on Tuesday to the shareholders.
“Awful unprofessional” power struggle
An election by the shareholders’ meeting is not necessary for those moving inside. The District Court of Braunschweig had ordered by decision as a substitute. Now do the tenure of retired couple Piëch on – this goes even until spring 2017
Lower Saxony’s Prime Minister said to the attempted dismantling winter grain by Piëch, whether a “clarification” was necessary: ”We all. have the situation do not want to have, but had to deal with it. “A lasting reputational damage for VW not seen since.
shareholders criticized the leadership debates at VW. The power struggle was “terribly unprofessional”, the President of the German protection combination for security possession, Ulrich Hocker said. Other shareholders demanded at VW must calm in again.
VW wants decentralization
Be it known to the tasks, Winterkorn said. “And we have already tackled.” These include the low-return core VW brand around the Golf and Passat models, a lack of “Budget Car” as an inexpensive entry model in emerging countries and the ailing US business. VW had recognized the problems in the US and now wants to go on the offensive there, Winterkorn said. “I guarantee that.”
Also, to decentralize its authority while taking Volkswagen now first visible steps. Therefore, the Group bundles its heavy commercial vehicle business with the daughters MAN and Scania in a separate holding. The new holding company for the trucks and buses in the VW group receives its own supervisory board, in which the workers a strong voice to the consolidated model. The plans for the holding company have been known for a long time.
Board and inspectors want to check Holding function
The conversion in the commercial vehicle sector could in this case as a blueprint for other parts of the Group serve. “We need clear structures in order to act quickly and flexibly in the individual areas can” demanded council boss Bernd Osterloh. From the new holding company, VW promises a “closer networking of brands, shorter decision-making processes and greater speed in the implementation”.
According to information of the German Press Agency from circles of the Supervisory Board the Executive Board and checkers next already in the Check weeks, to what extent the Group receives a stronger holding function, to look at cross-cutting issues such as joint savings opportunities. In return, the vehicle could Brands institutions and categories get more decentralized and regional decision-making power.
For good news, meanwhile, saw the multibillion dollar savings program for more efficiency in Volkswagen Passenger Cars brand core. “We anticipate that already during the current year is net income well above one billion euros,” Winterkorn said.
New representative of Qatar is chosen
Overall, wants the carmaker at the main brand save around five billion euros by 2017. In the first quarter the program had an amount exposed “in the low three-digit million range.”
According to the shareholders’ meeting Shareholders will receive a dividend of 4.80 (previously 4.00) euros per ordinary share and 4.86 (4 , 06) per non-voting preferred stock. For Lower Saxony this means with his fifth share of the VW ordinary shares good EUR 283 million dividend.
At the AGM also a new representative of the third-largest shareholder Qatar should be elected to the VW supervisory board. The head of the aviation company Qatar Airways, Akbar Al Baker, should replace the previous overseer Ahmad Al Sayed for Scheichtum. Qatar holds 17 percent of VW’s voting rights. The vote was delayed on Tuesday until late in the evening
Video:. Ferdinand Piëch resigns
VW
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