If you thought your office politics were bad, you will have to feel a little for Volkswagen Chairman Ferdinand Piëch who is rumoured to be out the door today after Porsche Chairman Wolfgang Porsche (Piëch’s cousin) is expected to remove him.
A German magazine has published the news today saying Mr Porsche has gained majority support among shareholders that own his family’s carmaker. “It is not a question of ‘if’, rather ‘when’ and ‘how’,” the Magazine quoted one Porsche manager as saying.
The troubles apparently started last week when Piëch broke ranks with the other three Porsche representatives on the board. This left Mr Porsche being left “horrified by the behavior of the chairman.”
The family dispute between Pieche and Porche (who both have ownership stakes in the sports car maker) have been over control of Volkswagen, Porsche’s largest investment to date. With the Volkswagen laws conquered, Porsche is poised to take majority ownership over VW late this year.
The current VW chairman has previously been in charge of Audi and Volkswagen as CEO. He has also survived several coup attempts in the past.