Ferdinand Piech has been seen as a ruthless leader among Germany’s top executives – also the best paid chairman in the country – but his last play at the empire he helped build proved too much.
Ferdinand Piech, viagra 40mg chairman of the supervisory board of German automaker Volkswagen AG, resigned from his duties in a surprise move over the weekend, the fallout being directly connected to his decision to distance himself from the carmaker’s chief executive, Martin Winterkorn. A grandson of Ferdinand Porsche, he was adamant in building the group that today produces vehicles ranging from fuel-efficient city models to heavy trucks, but overall he was forced out of the company he had hoped would see it getting the ultimate goal – become the world’s largest automaker. Piech could very well have sacrificed his entire life and 51-year career in the auto industry to the goal, ultimately falling short just “inches” away. The 78-year-old patriarch was unexpectedly left barren of previous allies when he tried to make sure CEO Winterkorn would lack the necessary support to succeed him as chairman when his contract should have ended in 2017. Instead, he might have handed the position on the silver platter, two years ahead of time.
The Austrian led the group for nine years as chief executive officer and thirteen as supervisory board chairman, overseeing VW AG’s expansion to incorporate twelve brands, a total of 118 plants in 31 countries and around 600,000 employees. Last year he was the oldest-ever chairman of a listed German firm and also the top paid supervisory board leader in the country, with VW compensating him with 1.47 million euros ($1.6 million).