Ex VW Chairman Objects To Family Members Appointment To Board - May Sue Own Relatives

Former Volkswagen Chairman Ferdinand Piech is challenging VW's choice of two of his nieces to replace him and his wife as supervisory board members, a German newspaper said.

Piech is nominating Wolfgang Reitzle, a former BMW product chief and ex-head of Ford's now-defunct Premier Automotive Group, along with former Siemens manager Brigitte Ederer instead, German daily Bild said today, without citing sources. Reitzle is seen as a potential VW chairman, the paper said.

Earlier in the day, VW said Louise Kiesling and Julia Kuhn-Piech will fill the board slots vacated last week when the former VW chairman and his wife, Ursula, quit after Piech lost a showdown he had provoked with CEO Martin Winterkorn.

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Agent009 - 4/30/2015 3:49:47 PM

-2 Boost

Clearly he is not ready to give up control

TheSteve - 4/30/2015 4:42:45 PM

+3 Boost

On the other hand, BMW has been run by, and largely owned by the Quandt family, a bunch of billionaires who evidently know a thing or two about running a car company!

"Family run" is irrelevant. The ability to excel is!

If VW can put family members in place who could do for VW what the Quandt family did for BMW, I believe the only people who would suffer is VW's competition. Well, that and whomever wants to be a VW Board member and doesn't make it because more qualified people did.

mini22 - 4/30/2015 6:09:15 PM

+2 Boost

Piech is going to fight until he drops. He owns enough shares to make life for the VAG board difficult. I think he will enjoy doing it as well.

MDarringer - 4/30/2015 7:41:02 PM

-2 Boost

NEPOTISM

carsnyc - 4/30/2015 8:36:08 PM

+3 Boost

And in the meantime look at the VW USA disaster