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Change at the top of the VW group: “The main reason is power”

Change at the top of the VW group: “The main reason is power”

Behind the change at the top of the group at VW is an ingenious plan by the Porsche Piëch clan. Accordingly, the families want to achieve tighter management again. It’s all about power.

The current VW boss Herbert Diess has to vacate his post after a good five years. His successor, Porsche CEO Oliver Blume, will replace him on September 1 and thus take over the management of the Group. The big change is apparently being driven primarily by the Porsche Piëch clan.

The powerful families behind the company are seeking tighter leadership and wanting to regain more say on strategic issues — a power play ahead of the planned IPO, a person with knowledge of the events told Reuters.

Differences in VW leadership under Herbert Diess

The Porsche-Piëch clan, which owns most of the voting rights at Volkswagen, wants to lead the group back into calmer waters, it is said. “They want to keep a closer eye on the implementation of the strategic guidelines,” a person familiar with the families’ considerations told Reuters.

Although Herbert Diess promoted electrification at VW, internally there were repeated differences due to his direct management and communication style. Rather, Blume should pursue corporate management “that focuses on team spirit.” At the same time, however, he should also remain in charge of Porsche – even after the long-awaited IPO, which should take place by the end of the year.

Blume’s dual role had raised doubts among some industry experts. However, the exact division of tasks at the top of the VW group has not yet been determined, as CFO Arno Antlitz, who is to support Blume in day-to-day business, announced at the end of July. Details on the design of the functions will therefore be available in a few weeks.

Porsche-Piëch-Clan strives for greater influence

When asked by Reuters, Porsche and Volkswagen declined to comment on the new corporate strategy. What is clear, however, is that Porsche’s IPO should give the families direct influence on the sports car manufacturer again. 25 percent plus one share of the original shares are to go back to Porsche.

“The structure of the IPO is primarily in line with the family’s interest in having a firmer grip on Porsche, and they will not be dissuaded from this plan,” says Hendrik Schmidt, corporate governance expert at the fund company DWS, which holds shares in Porsche. which holds shares in both Volkswagen and Porsche Holding.

Manuel Theisen, emeritus professor of business administration at the Ludwig-Maximilians-Universität in Munich and a specialist in corporate governance, says this is one way to regain family influence. “The main reason is power.”

Sources: , with material from the dpa

Source: Stern

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