April 13, 2015 4:20 PM
VW Chairman Ferdinand Piech comments have cast doubt over the company’s strategy
A tussle to take the wheel at Volkswagen VLKAY -2.16 % may steer the car maker off course.
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April 13, 2015 4:22 PM
The U.S. sales are a big part of the dispute. Volkswagen’s market share is a mere 2 percent in the United States, less than Subaru.
That's Piëch: growth at the expense of profitability. The guy is (or was) a fine engineer, with boundless contempt for shareholders. He cares about product first, his German labor force second (foreign workers are expendable), and profits dead last. He was arrogant and impossible as CEO, and nothing has changed since he moved up to the Supervisory Board. He has behaved the same way at those companies (Scania, MAN, Porsche) he—er, rather, Volkswagen—controls. But supine German institutional shareholders have no one but themselves to thank: they voted him in, and they keep voting for him. There have been serious campaigns to put up credible German alternatives, and the big foreign institutions mostly support them (with the exception of one fund which thought they knew better), but German fund managers vote for whomever they are told to by their CEOs (who are mostly bankers, and only care about the commercial relationship).
April 13, 2015 4:21 PM
It was my understanding the Porsche family agreed to be a silent partner in the operations of VW/Porsche/Audi? It surprises me Wolfgang Porsche would make a statement on the subject.