Chairman of VW steps down and turns over ownership to family

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Ferdinand Piech, supervisory board chairman of Volkswagen AG, speaks at the company's annual shareholder meeting in Hamburg, Germany, on Thursday, April 24, 2008. Volkswagen AG, Europe's largest automaker, said it values both Porsche SE and the German state of Lower Saxony as investors as the pair square up over control of the company at today's meeting. Photographer: Adam Berry/Bloomberg News

Ferdinand Piech, who overwhelmed Volkswagen (VW) for over two decades as CEO and executive before he surrendered in 2015, sold a noteworthy piece of his 14.7% stake in Porsche SE (PSHG_p.DE), which claims 52.2% of voting shares in VW, to Hans Michel Piech, the daily paper gave an account of Thursday, citing the acquirer.

 

Porsche SE said on Monday that the Porsche and Piech tribe had consented to purchase the majority of Ferdinand Piech’s stake, without giving points of interest on the redistribution of shares. The families had a privilege of first refusal on the shares already possessed by the genius of VW’s worldwide development who will be 80 on April 17.

 

Hans Michel Piech, a 75-year-old attorney situated in Vienna, now claims 25.1% of the family-possessed venture firm, Frankfurter Allgemeine announced, giving him a blocking minority on major vital choices. Another 4.3% of the Piech stake was passed on to other relatives, the daily paper said.

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