This is bad news for Volkswagen shareholders. Mr. Piëch was Volkswage CEO then became President and has appointed and fired CEO´s that have taken over from him. That is, he has never left.
In addition, as an influential shareholder at Porsche, he has important influence there as well and has brought these companies together to strengthen his control over both companies.
He has taken over control of Volkswagen without paying a control premium.
This is bad governance in a number of respects!
Onésimo Alvarez-Moro
See article:
Volkswagen’s annual meeting, often a hotbed for shareholder criticism, turned into a triumph for the German carmaker’s chief executive and controversial chairman on Thursday as they cemented their control over the company.
Only one large shareholder – Hermes, the UK fund manager – spoke out and other investors issued only mild criticism. The main negative topic was the corporate governance at VW, with special criticism for Ferdinand Piëch, supervisory board chairman, over his decision to oust his successor as chief executive.
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