VW boardroom strife ends
VW boardroom strife ends
A divisive boardroom power struggle at Volkswagen that threatened to delay crucial restructuring efforts at Europe’s largest carmaker eased as its two biggest investors ended a row. The deal announced by Porsche and the German state of Lower Saxony puts the sports car maker’s CEO on VW’s supervisory board while strengthening the hand of embattled VW chief executive Bernd Pischetsrieder and providing for a more independent chairman to oversee VW in the future.
Wendelin Wiedeking, chief executive, Porsche, will also be appointed to the VW board’s powerful steering committee, the praesidium, and will be joined on the board in May 2006 by his finance chief, Holger Haerter.
In return, as a concession to Lower Saxony, which controls the second-biggest VW stake, Ferdinand Piech, chairman, VW, will be replaced by a neutral third party when his contract expires next year instead of a representative of Porsche.
RELATED ARTICLES
JSW MG Motor India confident of selling 1,000 M9 electric MPVs in first year
The 5.2-metre-long, seven-seater luxury electric MPV, which will be locally assembled at the Halol plant in Gujarat, wil...
Modern Automotives targets 25% CAGR in forged components by FY2031, diversifies into e-3Ws
The Tier-1 component supplier of forged components such as connecting rods, crankshafts, tie-rods, and fork bridges to l...
VinFast’s second plant in Vietnam goes on stream ahead of India factory
Vietnamese EV maker’s second plant in its home market, which has a 200,000 EVs-per-annum capacity, will focus on produci...