arabtoday
Last Updated : GMT 18:23:36
Arab Today, arab today
Arab Today, arab today

Volkswagen's supervisory chief 'plans new move to oust CEO'

Arab Today, arab today

Arab Today, arab today Volkswagen's supervisory chief 'plans new move to oust CEO'

Volkswagen's supervisory
Frankfurt - AFP

Volkswagen's supervisory board chief Ferdinand Piech is plotting a new coup to try to oust the German carmaker's chief executive, Martin Winterkorn, Germany's public broadcaster NDR reported on Thursday.

Just days after Piech's previous attempts suffered a severe blow when core supervisory board members said they fully backed Winterkorn and wanted to extend his contract, NDR reported that 78-year-old Piech is trying to drum up a majority on the full supervisory board to have him removed from office.

At the carmaker's annual general meeting on May 5, Piech hopes to secure enough votes to have Winterkorn replaced with either Porsche chief Matthias Mueller or Skoda head Winfried Vahland, the broadcaster said.

VW refused to comment on the report.

"That is speculation which we're not commenting on," a company spokesman said.

Last Friday, the six-member steering committee of VW's 20-strong supervisory board attempted to draw a line under a bitter power struggle between Piech and Winterkorn, insisting that Winterkorn was "the best possible chief executive for Volkswagen" and that his contract should be extended.

The dispute erupted after Piech, a member of the powerful Porsche dynasty that is a shareholder in Volkswagen, and one of the most important figures in German business, sent shockwaves through German industry by declaring in a magazine interview that he was "distancing himself" from Winterkorn.

Until now, Winterkorn had been seen as Piech's close ally and heir apparent and the idea of a poisonous rift between the two ignited fears about the future running of Europe's biggest carmaker, whose empire spans 12 brands and annual sales of 200 billion euros ($215 billion).

The steering committee comprises six of the most influential members of VW's 20-strong supervisory board, including the head of the general works committee, the head of the mighty IG Metall metalworkers' union and the head of the regional state of Lower Saxony where the carmaker is based.

Piech is the grandson of the inventor of the iconic Beetle, the model on which VW's fortune was built, and was himself VW's chief executive between 1993 and 2002, before becoming its supervisory board chief.

He is also one of the representatives of the Porsche family, whose holding company Porsche SE holds nearly 51 percent of VW.

It was Piech who installed Winterkorn as chief executive in 2007.

But he appears to have become irked by his former protege's difficulties in making substantial inroads into the US market, as well as VW's over-dependence on the Chinese market and the waning attractiveness of its core Volkswagen brand.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today volkswagens supervisory chief plans new move to oust ceo Arab Today, arab today volkswagens supervisory chief plans new move to oust ceo

 



Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today Holiday magic is everywhere

GMT 13:04 2016 Saturday ,03 December

Holiday magic is everywhere
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today As nearly 20,000 children flee Aleppo

GMT 07:50 2016 Saturday ,03 December

As nearly 20,000 children flee Aleppo
Arab Today, arab today What next after landmark

GMT 09:01 2016 Saturday ,03 December

What next after landmark
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Dino-killing crater shows clues

GMT 14:43 2016 Thursday ,24 November

Dino-killing crater shows clues
Arab Today, arab today For Yazidi women left behind

GMT 08:00 2016 Saturday ,03 December

For Yazidi women left behind
Arab Today, arab today Green groups pressure Spain

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today Austria's race against time

GMT 11:44 2016 Thursday ,01 December

Austria's race against time
Arab Today, arab today Car manufacturers to power Europe

GMT 13:01 2016 Tuesday ,29 November

Car manufacturers to power Europe

GMT 12:45 2016 Tuesday ,29 November

To find German funny bone

GMT 13:52 2016 Monday ,28 November

Punk memorabilia torched

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 12:39 2016 Friday ,25 November

Arctic 9-12C above normal

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:19 2016 Monday ,21 November

New nationalism stoking fears

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday