The Porsche and Piëch families are increasing their influence at Volkswagen, but the balance of power between the two families is shifting.
According to German press reports, head of the Porsche supervisory board, Wolfgang Porsche, is expected to replace former Siemens chief, Heinrich von Pierer on the VW board as a representative of VW shareholders. In addition Ferdinand Piëch’s brother, Hans Michel Piëch, is expected to be appointed to the board. Wolfgang Porsche and the Piëch brothers are cousins.
According to Spiegel magazine, the balance of power between the Porsche and Piëch families at Porsche has moved strongly in favour of the Porsche family. It currently owns almost 62% of the shares in Porsche Holding SE, compared to the Piëch family’s 38%.
Previously Porsche held 53.7% of the shares and the Piëch family held 46.3%.
According to the Spiegel, Ferdinand Piëch will step down as president of Porsche Holding SE and Porsche to reflect the change in ownership. The magazine reported that the move should not be seen as any kind of withdrawal on the part of Piëch. Indeed, Piëch will instead move across to the Audi supervisory board.
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