Ferdinand Piech has resigned as chairman of Volkswagen after going public in a row with his chief executive, Martin Winterkorn – a one-time ally.
Machavellian machinations or a much needed change in the future direction for one of the world’s most successful car makers?
“The mutual trust that is needed for successful cooperation no longer exists,” the company’s supervisory board’s statement said.
The Austrian could have been born with petrol in his blood. His uncle and cousin, Ferdinand and Ferry Porsche founded and grew the high-performance sports car company. It was there Piech started his career.
He was also involved in Formula One and developed engines for several Porsche’s before leaving to join Audi. In 1993 he moved to Volkswagen. The company was three weeks from bankruptcy.
He and his cousin Wolfgang Porsche are the main shareholders controlling 51 percent of the voting stock.
“Now everyone is caught in a power vacuum and in the coming years a new power structu
