Power Play at VW

Chairmen Piëch tightens his grip at the troubled automaker

Even for Volkswagen, a company accustomed to high-stakes management intrigue and boardroom drama, it has been a wild month. On Nov. 7, Chief Executive Bernhard Pischetsrieder stepped down after an unexpected no-confidence vote by VW's board. On the same day, rumors started swirling that VW brand chief Wolfgang Bernhard, who has been at the center of the automaker's efforts to restructure, would soon follow Pischetsrieder out the door. Then on Nov. 15, Porsche (PSEPF) upped its holdings in VW from 21% to 27%, fueling speculation that the giant carmaker might be taken over by the smallest player in Europe's auto industry.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.