Porsche CEO Wendelin: Automobile Insurance Comparison and Volkswagen Coverage Quote on VW | |
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Porsche CEO Wendelin
Ferdinand PiГ«ch has won one of the most colorful corporate wars in automotive history. The takeover of Volkswagen by Porsche, plotted by Porsche CEO Wendelin Wiedeking and originally approved by the Porsche and PiГ«ch families, looks as if it will now occur in reverse. Indeed, it doesn’t take much to predict that Porsche will end up as the tenth brand in the Volkswagen Group’s portfolio. How did it come to this point? In financial circles, Porsche has long been regarded as an “investment bank with an automotive subsidiary,” a company so profitable that an unthinkable takeover of the far bigger Volkswagen Group suddenly became realistic two years ago. In the process, however, Wiedeking and Porsche CFO Holger HГ¤rter committed several mistakes. For instance, Wiedeking threatened to sue Audi over the use of the “RS” badge, and, acting like he was already in charge, warned there would be “no sacred cows” in Wolfsburg. A flurry of provocations such as these turned the opinion of VW Group’s employees decidedly against Porsche. CFO HГ¤rter, for good measure, infuriated certain bankers when he received €10 million in credit from them in February 2008 but invested it through entirely different banks, publicly bragging about the high returns garnered from the stunt. The worst mistake, however, was their disregard for Ferdinand PiГ«ch, who was once a Porsche engineer and later headed Audi and VW. He is now the head of VW’s supervisory board. When Porsche’s ambitious takeover plan began to fall apart in the wake of the global financial crisis - which has now left Porsche almost €10 billion in the red - Wiedeking needed a stronger ally than Wolfgang Porsche, PiГ«ch’s chief counterpart, if he hoped to salvage the deal. But PiГ«ch seethed at Wiedeking’s criticism of VW’s corporate culture and disregard of its engineering achievements, and so he pulled the figurative rug from under the Porsche chief’s feet. The two executives couldn’t be more different: Wiedeking’s motivation is money, PiГ«ch is an inveterate car guy. When PiГ«ch was at Porsche, he developed the 917 race car. Wiedeking pushed for the Cayenne. At least the latter’s departure from Porsche will be sweetened by a €50 million severance package. Wiedeking will be succeeded by Michael Macht, Porsche’s head of production and an efficiency guru whose plate will be full immediately. Sales have been dropping sharply, and thousands of Cayenne SUVs need to be sold before the successor arrives next spring. The expensive Panamera has arrived in a time where many folks are holding on to their money and even low-priced vehicles are slow to sell. Macht also needs to pacify Uwe HГјck, Porsche’s head of the labor council who has been on a rampage to keep VW from taking over Porsche. HГјck has said that “you can’t build a Porsche with Polo parts.” But nor can you build an Audi R8, a Lamborghini Gallardo, or a Bugatti Veyron with them. Enthusiasts need look no further than VW’s other premium brands - some of which Wiedeking might have stifled - for assurance that Porsche would be as aggressive and appealing as ever if and when a VW takeover is finalized. Related posts:
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Category Volkswagen Coverage Quote on VW |
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