It murmured expectantly – almost frightened. Over 1,000 shareholders gathered in Hall 2 at the Hannover Fair. At the front sat the entire Volkswagen line on a long snörrät line behind the white podium – innocence color. It was time for the Annual General Meeting of Volkswagen after the company might stormiest weeks ever.
weeks where all the battle lines joined forces against a man who was not present: Ferdinand Piëch, the grandson of Ferdinand Porsche who abruptly after five decades by the company was forced out as president last Saturday. This occurred after he tried to escape CEO Martin Winterkorn – but then surprisingly got all against them.
The meeting in Hanover was a fresh start. Everyone had quickly stitched up the wounds. Showed a united front. Interim chairman, the former IG-Metall Chairman Berthold Huber, initially said quietly that they will now take the time and find a new chairman in peace.
The two new members of the Board of Directors, Julia Kuhn-Piëch and Louise Kiesling told so well how they viewed the company.
Not a word was breathed about that old Piëch in a desperate and tired attack just five days ago gone against putting them into Board. Public. His own siblings daughters. Mostly because he himself came up with the idea, it seemed like.
Every movement breathed therefore symbolic unity on this day. Before the AGM was CEO Martin Winterkorn around on the little motor show built up on the fairgrounds, due shoulder to shoulder by two representatives of Volkswagen Group’s major shareholder. On one side was Wolfgang Porsche, ordförde in families Piëch-Porsche power company that owns 50.7 percent of shares. On the other hand, Stephan Weil, Minister of State Niedelsachen which owns just over 20 percent of the vote and veto. They backed their president. Evoking.
A major issue is the battle in the families Porsche-Piëch. They are namely the main shareholder with over 50 per cent – and, according to a treaty to talk with one voice – as they put it mildly, not been done in recent weeks.
Is the battle in the family of ? The answer is actually yes. At the AGM, they showed a united front of Wolfgang Porche and Hans-Michel Piëch (Ferdinand Piëchs brother) and his nephew.
All but Ferdinand Piëch himself. Patriarch. German Machiavelli. He who created all the chaos. And everyone wondered quietly: Why he acted as he did?
Some 20 individuals shareholders asked long questions to management. Surprisingly few focused on criticism of the Piëch. Winterkorn took sleek took the role of humble tribal leaders and thanked Piëch with a personal speech – from his own heart and tore down the day’s longest and warmest applause.
All to save the company, it seemed like.
Volkswagen sold more than 10 million cars last year, they have 600,000 employees at 118 locations around the world.
When the shareholders must be able to require not only a competent management – but the world’s best line.
All brawl then go back to a 78-year old man: And what does he do now, that’s the big question. Ferdinand Piëch biding their time? He strikes back? He sells his shares? “He’s a sick cunning, he comes back,” said a well-known German business journalism to me.
Despite the new shiny surface in Hannover, everything can be on the way next week again. Then the family Porsche Piëchs power company, Porsche Automobil Holding SE, which owns 50.7 percent of VW, its Annual General Meeting.
Still must the families Porsche-Piëch speak with one voice. Still owns Ferdinand Piëch around 6.5 percent of the shares in VW group. And he sits as a director of the family’s power companies.
Only the old lion Piëch himself knows if he alone limps out on the track for one last decisive battle.
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