Pursuits
VW Owner Shrugs Off Impact of Former Patriarch Piech's Exit
- Holding will remain with owner families, Porsche SE CEO says
- Piech’s achievements ‘will not be forgotten,’ says Poetsch
The body of Porsche Panamera luxury automobile stands inside a light tunnel during paint work inspections in the Porsche AG factory in Leipzig.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Volkswagen AG’s controlling shareholder downplayed the potential exit of former patriarch Ferdinand Piech as his relatives will retain their sway over the world’s largest automaker.
A transfer of Piech’s voting stake will “not bring any major change,” Hans Dieter Poetsch, Volkswagen’s chairman and chief executive officer of Porsche Automobil Holding SE, said Tuesday at a press conference in Stuttgart, Germany. “It remains the case that the common stock will be held by the Porsche and Piech families.”