In what could escalate the succession debate in Volkswagen AG (ADR) (OTCMKTS:VLKAY), the company’s chairman recently made comments that seem to suggest that he is not comfortable been succeeded by the current CEO of the company. The comments, by Ferdinand Piëch, about him being at a distance with CEO, Martin Winterkorn, have left many concerns about succession plans in Europe’s largest carmaker by sales. Other have also expressed concerns that public outbursts about the company’s succession and leadership isn’t in the best interest of Volkswagen or its shareholders.
The family of Piëch controls 50% of the voting shares in Volkswagen, which means that his comments about successions in the company carries much weight. Additionally, Piëch sits on the supervisory board of Volkswagen.