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Porsche-Piech clan to stay out of VW management - Porsche chairman
April 7, 2017 / 4:29 PM / 8 months ago

Porsche-Piech clan to stay out of VW management - Porsche chairman

FRANKFURT, April 7 (Reuters) - Members of the Porsche-Piech clan that controls Volkswagen will no longer be eligible to serve as executives of the carmaker, Porsche Automobil Holding SE Chairman Wolfgang Porsche told a German newspaper.

In a summary of an interview to be published in the Frankfurt Allgemeine Zeitung on Saturday, Porsche was quoted as saying a future management appointment from the family would be possible in theory with 100 percent backing, which by implication was unlikely given it would require his support.

The summary did not elaborate on why family members should not be executives of VW.

His comments come after former Volkswagen Chairman Ferdinand Piech sold the bulk of his stake in Porsche SE, which owns 52.2 percent of the voting shares in VW, to his younger brother Hans Michel Piech.

His exit marked an end to the influence of a towering figure in the auto industry who has had a rocky relationship with VW since he was ousted as chairman in 2015, months before the company was engulfed in the emissions test cheating scandal.

Frankfurter Allgemeine quoted Hans Michel Piech as saying: “As a supervisory board member you cannot easily tell a family member what to do. You can talk to a hired manager in a completely different manner.”

Both Wolfgang Porsche and Hans Michel Piech are members of VW’s supervisory board.

Wolfgang Porsche also said Porsche SE could make an acquisition soon, possibly in the area of digital technology.

“If we see a good opportunity, we will make a decision. I could imagine that that will be the case soon already,” the paper quoted him as saying. (Reporting by Maria Sheahan; Editing by David Holmes)

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