Hans Michel Piech
The family axis in the VW Supervisory Board remains intact.
Normally, supervisory boards of Volkswagen retire from the supervisory board at the age of 75. But with Hans Michel Piëch, now 77 years old, makes the Wolfsburg carmaker an exception.
Hans Michel Piëch has “special experience and knowledge in the fields of business of the company, which he believes will continue to bring in the interest and for the good of society,” the statement of reasons in the invitation to the next VW–Annual General Meeting in mid-May in Berlin, So he should stay and for five more years belong to the highest VW control committee.
Together with his cousin Wolfgang Porsche Piëch forms the central family axis in the Volkswagen Supervisory Board, No other individual ultimately holds more shares in Volkswagen. Of the Porsche SE he personally owns about 20 percent of the voting rights. The holding company, in turn, owns around 53 percent of the voting VW ordinary shares.
After the departure of his brother and long-term chairman of the board and supervisory board Ferdinand Piëch, the Viennese lawyer is now the authoritative speaker of the Piëch site.
Current club events
By now, Hans Michel Piëch is to be re-elected to the Supervisory Board, contrary to the internal requirements PorschePièch family, that she does not think about retiring from the company. Although representatives of the younger fourth generation are already represented in many Volkswagen and Group committees, they have not yet been given the decisive levers.
Piëch had taken over the shares of his brother Ferdinand two years ago for around one billion euros. He needed the support of banks for this: He pledged for around 400 million euros Porsche-Shares. This debt is likely to be an essential reason why Piëch does not leave the VW Supervisory Board so quickly: he wants to know what is happening in his name at Volkswagen.
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