TwinTurbo.NET: Nissan 300ZX forum - Re: standard corporation takedown
People Seeking Info
 
   


     
Subject Re: standard corporation takedown
     
Posted by ttz'in (norcal) on September 26, 2015 at 6:55 PM
  This message has been viewed 796 times.
     
In Reply To standard corporation takedown posted by LJZTT on September 25, 2015 at 04:24 PM
     
Message Here's LJZTT's ("gotcha") point, aka: Revenge is a MOFO !

April 2015, Ferdinand Piech chairman of VW Group for more than 20 years, 6.7% of VW stock, etc.
Tells Der Spiegel magazine he'd distanced himself from CEO Martin Winterkorn.
Wintekorn smells revolt informs supervisory board which informs Piech he could resign, or be ousted at next board meeting. Piech resigns.
Insiders name three possible reasons the chairman went to war with his protégée'.
(1) Winterkorn was about to become more powerful than his mentor.
(2) Piech was fed up with several perceived failures on Winterkorns part, inc. poor VW sales performance in the
U.S.A.
(3) Winterkorn was openly critical of Pieche's wife a board member herself and possible heir to her husband's throne as chairman.
Piech could cash in his 6.7% stake = 5+ Billion and retire, OR use his shares to "pull" strings and attempt revenge.
Not so long ago he orchestrated a takeover of Porsche to vanquish then-CEO Wendelin Wiedeking.
Winterkorn then would just soldier on as CEO until his contract expired next year.
imo, strings were attached to Winterkorns shoulders, pulled, and as we now know his contract expired a bit early.

[ http://www.automobilemag.com/features/news/1504-vw-group-chairman-ferdinand-piech-resigns/ ]

     
Follow Ups  
     
Post a
Followup

You cannot reply to this message because you are not logged in.