VW's Piech still trying to maintain iron grip, may oust Porsche boss
The ongoing soap opera that is the relationship between Porsche and Volkswagen may soon claim another victim, Porsche CEO Wendelin Wiedeking. Porsche has so far accumulated 31-percent of VW's common stock, but it's not clear how far Porsche is willing to go with a takeover. Piech is the grandson of Ferdinand Porsche, who developed the original Beetle and whose son Ferry founded the sports car manufacturer. The Porsche and Piech (Ferry's sister Louise Piech) families maintain a controlling interest in the company, but it's also not clear how much of an active role they have played in the takeover. Piech apparently feels that Wiedeking has exhibited a bit too much autonomy over the company and that is just not acceptable. Piech evidently favors bringing in Pischetsrieder's former BMW sidekick Wolfgang Reitzle, although Volkswagen denies all of this. Volkswagen, of course, also denied that Pischetsrieder was about to be dismissed right up until the moment that we was shown the door. Fun times in Wolfsburg and Stuttgart.
[Source: Automotive News - Sub. req'd]
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