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VW CFO Hans Dieter Potsch nominated as new board chairman

The search for a successor to Ferdinand Piech has come to an end as the Volkswagen Group has nominated a new chairman. The Executive and Nomination committees of VW's Supervisory Board have put their weight behind one Hans Dieter Potsch, who currently serves on the company's management board as its chief financial officer. He's expected to continue in his current role until November when an extraordinary general meeting of the supervisory board can be called to confirm his nomination and a replacement CFO can be found to take his place. As you may recall, the chairmanship of the Volkswagen board fell until recently to Ferdinand Piech, grandson of Ferdinand Porsche and one of the principals of the Porsche family that holds over 50 percent ownership in Volkswagen through Porsche Automobil Holding SE. Piech went head to head with VW CEO Martin Winterkorn and ultimately lost. Piech resigned and Winterkorn is about to have his term as chief executive extended through the end of 2018. In Piech's place, former union head Berthold Huber was named as interim chairman, but is now referred to in the statement below once again as deputy chairman instead. An Austrian native, Potsch is an industrial engineer by training. He started his career at BMW where he ultimately served as group controller, and subsequently served as CFO and as chairman at a number of German corporations. Potsch joined the VW management board in 2003, initially without portfolio, and soon assumed the financial portfolio – a role he has held until now. In 2009 he took on the additional role of chief financial officer at the Porsche holding company, whose supervisory board representatives are the parties proposing Potsch's nomination as the group's new chairman – even though he is not, strictly speaking, one of their own. In a related development, it appears that Julia Kuhn-Piech will be leaving her board seat sooner than expected. The departing chairman Ferdinand Piech opposed his niece's nomination to the board in his place, and now she'll apparently be stepping down to make way for the family's new choice of chairman.

Porsche 919 Hybrid revives Porsche's factory Le Mans efforts

After months of teasing with camouflaged testers, Porsche has finally unveiled its prototype entry for the 2014 World Endurance Championship, the 919 Hybrid. Porsche, you may recall, hasn't had campaigned a factory team at Le Mans in years, so the 919 is nothing less than their recommitment to endurance racing.
Combining a 2.0-liter V4 (yes, a V4) that revs to 9,000 rpm, the 919 produces around 500 horsepower with a pair of energy recovery systems. The first system recovers the heat energy from exhaust gasses as they pass through an electrical generator, while the second system is a bit more familiar. Using a setup similar to what is found on the production 918 Spyder, a generator on the front axle recovers kinetic energy from the brakes, which is subsequently stored in a battery system. That power can then be sent to the front wheels at the driver's command, effectively turning the 919 into an all-wheel-drive racecar.
Despite these various forms of motivation, Porsche doesn't claim to be seeking outright power supremacy, with Chairman Matthias Müller saying, "In 2014, it will not be the fastest car that wins the World Endurance Championship series and the 24 hours of Le Mans, rather it will be the car that goes the furthest with a defined amount of energy. And it is precisely this challenge that carmakers must overcome. The 919 Hybrid is our fastest mobile research laboratory and the most complex race car that Porsche has ever built."

Former Porsche execs charged with stock manipulation in Germany

The ongoing indictment of top Porsche executives for alleged stock manipulation during the attempted takeover of Volkswagen has taken years to reach an actual decision, but a trial date has finally been set for October 22. In addition to former CEO Wendelin Wiedeking (pictured above) and ex-CFO Holger Haerter, prosecutors have also added Anton Hunger, who was communications boss at the time, to the list of those charged, according to Reuters. The men purportedly made false statements to investors about plans to acquire 75 percent of VW stock. The prosecutor also dropped charges against Ferdinand Piech and Wolfgang Porsche in the same case, Reuters reports. The two Porsche family members were on the company's board at the time, but investigators found that they had no role in making the false statements. If found guilty, the former Porsche execs could face up to five years in prison. As expected, lawyers for Wiedeking and Haerter have repeatedly denied any wrongdoing by their clients. The investigation into Porsche SE's actions during the failed VW takeover go back to at least 2009 when the firm's offices were raided. Wiedeking and Haerter were eventually indicted in 2012. A Stuttgart court initially dismissed the case for lack of evidence, but in 2014 that decision was reversed on appeal. At the same time, investors have brought multiple civil lawsuits against the company, but none of those cases have been successful.