VW Patriarch's Era of Total Authority Ended at 500-Mile Trek - Bloomberg
He had been summoned for a hastily arranged emergency meeting of VW’s supervisory board leaders, held on Saturday after Piech defied fellow senior board members by continuing to seek the ouster of Chief Executive Officer Martin Winterkorn,... Piech had asked Matthias Mueller, the chief at the Porsche unit, last week to be ready to replace the CEO, the people said. The board’s leaders had already agreed to support Winterkorn at an April 16 meeting near Piech’s home in Salzburg, Austria. At that meeting, the 78-year-old VW chairman threatened to resign, accused Winterkorn of spying on him and claimed his cousin Wolfgang Porsche wanted him ousted, the people said. In Braunschweig, Piech was again confronted by Wolfgang Porsche, representatives of Volkswagen’s influential labor leaders and Lower Saxony Prime Minister Stephan Weil. Following his resignation, Piech can still exercise influence through the Porsche SE holding company, which owns 50. 7 percent of VW’s common stock. Piech remains a board member of Porsche SE and owns about 13 percent of. Source: www.bloomberg.com
