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Ferdinand Piech to lose board seat at Porsche SE - Bild am Sonntag
March 12, 2017 / 1:41 PM / 8 months ago

Ferdinand Piech to lose board seat at Porsche SE - Bild am Sonntag

FRANKFURT (Reuters) - Former Volkswagen (VOWG_p.DE) Chairman Ferdinand Piech is set to lose his board seat at Porsche SE (PSHG_p.DE), in which Germany’s billionaire families Porsche and Piech have pooled their holding in Europe’s largest carmaker, a German weekly reported.

Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files

Porsche SE’s shareholders will vote on the future composition of the holding company’s supervisory board at the annual meeting on May 30. A final list of candidates has to be decided on by mid-April.

While Wolfgang Porsche and Ferdinand Piech’s brother Hans Michel Piech are on the list of candidates, Ferdinand Piech is not, Bild am Sonntag reported citing a person close to the matter.

A spokesman for Porsche SE, which holds 52 percent of Volkswagen’s voting rights, said that the future composition of the board has not yet been decided.

Ferdinand Piech was not immediately available. He resigned as Volkswagen chairman after a showdown with former Volkswagen chief executive Martin Winterkorn in April 2015.

Last month, Volkswagen signalled it could take legal action against Piech after a media report said he had informed top directors about potential cheating of diesel emission tests six months before the scandal became public.

Reporting by Jan Schwartz; writing by Arno Schuetze; Editing by Stephen Powell

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