Something is really wrong with governance in a company when the Financial Times uses such a title. The title appears to be very appropriate and there is something rotten at Volkswagen.See article:
Onésimo Alvarez-Moro
When Bugatti’s new Veyron supercar was launched in Alsace last month – boasting 0-100kph acceleration in 2.5 seconds, a top speed of 407kph and 1001 horse power – it was hailed as the gutsiest production car ever launched. For Ferdinand Piëch, non-executive chairman of Volkswagen, and the man who led VW’s purchase of Bugatti in 1998 and the Veyron project a year later, it was a dream of power come true.
But critics of Mr Piëch, who on Monday faces possible ejection from his VW position, say brute strength has finally gone to his head. At the heart of their outrage was last month’s shock announcement by Porsche – the sports car group controlled by Mr Piëch’s family – that it intended to buy a 20 per cent stake in Europe’s biggest carmaker. Porsche said on Friday it was close to achieving its target and, having bought an 18.5 per cent stake, was now VW’s biggest shareholder, ahead of the state of Lower Saxony.
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