While Piech might not approve of his two nieces to replace him and his wife, Ursula, on the supervisory board of Volkswagen AG, the replacements made have the workers’ full support.
The labor officials for Volkswagen, who are in control of half of the 20 seats that are on the supervisory board, ousted Piech the previous week and backed VW’s second shareholder, Lower Saxony. A breach of trust was cited after a public feud went on for two weeks between former chairman Piech and Volkswagen’s CEO, Martin WInterkorn.
Even before a shareholder meeting set to take place on the 5th of May, Europe’s largest carmaker officially appointed two of Piech’s Nieces as board members – Julia Kuhn-Piech and Dr. Louise Kiesling.
The daily German newspaper Bid reported that Piech is actually challenging his and his wife’s replacements. While he nominated former head of Ford Motor’s Premier Automotive Group, Wolfgang Reitzle, and former Siemens manager, Brigitte Ederer, VW’s works council backed the choice of directors for the company. A spokesman for the labor representatives stated that “We welcome this step to complete the supervisory board and are looking forward to co-operating with Mrs. Kiesling and Mrs. Kuhn-Piech.”
A source close to the matter stated for Reuters that in Germany, any shareholder, the works council and the automaker itself can nominate a new member to fill a job left vacant on the supervisory board between annual shareholders meeting through a court. The source added that for Piech to fight the decision, it means he would have to try to take legal action against the court ruling.
By Gabriela Florea