The Family Business
The names Porsche and Piëch will forever be linked to Volkswagen. After all, it was Ferdinand Porsche who laid down the foundations for Europe's biggest automotive empire (and the eventual sports car company), while the collective bloodline of the Porsche-Piëch families has always had a stake in the company. One can say that anyone with that last name is bound to work in the family business.
But as the current patriarchs may soon retire, the dynasty may soon make way for a new generation. However, the question now is who from the dynasty will be named the successors on the company's supervisory board.
Changing of the Guard
Automotive News reports that Wolfgang Porsche and Hans Michel Piëch will not be seeking another term on the Volkswagen Group's supervisory board. Piëch is currently the deputy chairman of the supervisory board of Porsche Automobil Holding SE, while Porsche is the chairman of the same board. Both are in their 80s and nearing the end of their current terms in the company. There are a couple of family members in the running to succeed them, and it comes at a crucial time for the company.
The Volkswagen Group is facing one of its toughest challenges to date. Tumbling profits, lower sales, and the loss of its hold in China have heavily impacted its bottom line. Right now, the group is taking extreme measures to return to greater profitability. Mind you, VW is still making money and isn't incurring heavy losses, but it will be if the downward trend persists.
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The Candidates
The publication mentioned Ferdinand Oliver Porsche as one of the leading candidates. He is Wolfgang Porsche's nephew and is currently a member of the supervisory board. If ever, his appointment as chairman seems the most logical given the line of succession within the company's ranks.
However, either one of Ferdinand Oliver Porsche's sons may also be in the running for the chairmanship. Ferdinand Rudolf Wolfgang Porsche and Felix Alexander Porsche are also board members like their uncle, and are much younger. The brothers are aged 33 and 30, respectively, while their uncle is 65 years old.
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A Fresh Set of Eyes
The possibility of someone outside of the Porsche-Piëch family being named chairman has also been floated around. If ever, it won't be the first time that would happen, as Automotive News cites German industrialist Klaus Liesen as an example. He led the board from 1987 to 2002, working closely with Ferdinand Piëch.
So far, there are no outsider candidates being mentioned in German media. That said, going for one could provide a wider perspective and be the help the board needs moving forward.
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