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Volkswagen names Piech's nieces to supervisory board

Volkswagen was left with two vacancies on its supervisory board after Ferdinand Piech and his wife Ursula were forced out a few days ago, and now it's filled them. Intriguingly, however, both of the new directors are Piech's nieces. The most obvious connection is Julia Kuhn-Piech, a real-estate professional who has sat on the board of VW's Man truck subsidiary since last year. Kuhn-Piech, 34, is the daughter of Ferdinand's younger brother Hans-Michel Piech (and by extension, niece of the ousted chairman). The other seat is being filled by Dr. Louise Kiesling, 57, a designer and daughter of Ferdinand's late older sister Louise Daxer-Piech. Keeping track of the lineage of the Porsche-Piech clan can be confusing, particularly with so many Ferdinands and Louises, but it breaks down essentially as follows: All are descended from Ferdinand Porsche, founder of the eponymous automaker and credited as the designer of the original Volkswagen Beetle. Porsche had a son and a daughter, the latter being Louise Porsche, who married Anton Piech and had four children: Ernst, Louise (mother of incoming board member Louise Kiesling), Ferdinand (the ousted chairman) and Hans Michel, father of the other incoming board member Julia Kuhn-Piech and a board member of both the Volkswagen Group and Porsche SE as well. The Piech and Porsche families control Porsche SE, which holds 50.7 percent of shares in the Volkswagen Group, which in turn owns Porsche the automaker. With all that in mind, appointing other members of the Piech-Porsche clan to the board follows logically enough - particularly since other members of the family helped oust Ferdinand from the chairmanship in the first place. The nominations, incidentally, also help VW increase its proportion of female board members. The two incoming Piechs will join Annika Falkengren of Swedish bank SEB and Babette Frohlich of the same IG Metall union as the board's interim chairman Berthold Huber. Wolfsburg, 30 April 2015 Dr. Louise Kiesling and Ms. Julia Kuhn-Piech appointed new members of the Supervisory Board of Volkswagen AG Upon application by the Board of Management of Volkswagen AG, Dr. Louise Kiesling and Ms. Julia Kuhn-Piech were today appointed members of the Supervisory Board of Volkswagen AG by Braunschweig Local Court with immediate effect. The appointments were made pursuant to Section 104 of the Aktiengesetz (German Stock Corporation Act) and were occasioned by the recent resignations of Prof. Ferdinand K.

CEO says Volkswagen's buying spree is over

After adding Italian motorcycle icon Ducati to its stable and spending $5.6 billion on the rest of Porsche, Volkswagen CEO Martin Winterkorn says he's done shopping for a while.
"We have enough to do at the moment in taking our twelve brands to where we want to be," Winterkorn tells German newspaper Handelsblatt.

VW Diesel Scandal Wrap-up: Time for bullet points

Here we go again. If you were not pegged to your RSS reader yesterday, scoping out all of the VW diesel scandal news, here's a brief rundown of what happened: Just how much extra pollution did VW's little problem cause in the US? New estimates suggest it's as bad as having an additional 19 million cars on the road, or "12,000 additional tons of nitrogen oxide pollutants per year." NOx can create smog and acid rain. The diesel scandal is also reshaping some online ads. Sponsored content in WIRED that talked about clean diesel has been taken down. The advertisement was a partnership between Volkswagen and the Wired Brand Lab and claimed to have, "created an experience that will inform, educate, surprise, and change the way you think about diesel." Canada says it might start up its own governmental investigation and that "enforcement action will be taken," if the automaker is found to have broken the law. The German government says it did not know about VW's subterfuge until recently, and is going to start a fact-finding process this week. It turns out that the first hints of this scandal were discovered by independent researchers in 2012 and 2013. Whatever happened, Renault-Nissan CEO Carlos Ghosn said that it's hard to hide something like this. Following CEO Martin Winterkorn's departure yesterday, speculation is running rampant to see who will replace him. Automotive News says it should be current Porsche CEO Matthias Mueller. Don't feel too bad for Winterkorn, though, as he's still likely to get his $32 million pension, Bloomberg says. Oh, and this isn't even the first time VW has tried to cheat the EPA. It's a problem in the auto industry. We'll see how many bullet points we have tomorrow. Government/Legal Green Volkswagen Emissions Diesel Vehicles vw diesel scandal martin winterkorn matthias mueller pension