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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.

Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.

Porsche rolls out new Macan GTS with 360 horsepower [w/video]

Porsche is expanding both its Macan line and its range of GTS models with the launch of the new Macan GTS. The new performance model slots in between the Macan S and Macan Turbo, packing a mightier punch, upgraded equipment, and sportier styling. The enhancements naturally start under the hood, where the Macan GTS packs a 3.0-liter twin-turbo V6 good for 360 horsepower and 369 pound-feet of torque. That's 20 more horses than the Macan S but 40 less than the Turbo, driving all four wheels through a seven-speed dual-clutch transmission. The result is a 0-60 time quoted at 5.0 seconds (or 4.8 with the optional Sport Chrono pack) and a top speed of 159 miles per hour. You know, just to stick it to the other German cars that limit themselves to "only" 155. Of course, Porsche didn't just tinker with the engine and leave it at that. Compared to the Macan S, the GTS features a retuned air suspension, recalibrated electronics, ride height lowered by 10 millimeters, and 20-inch wheels with a matte black finish. The interior also benefits from specific sport seats with Alcantara trim, and the new Porsche Communication Management system. There's a new exhaust system and upgraded brakes, as well. The Macan GTS is just the latest such model to join the range, alongside GTS versions of the Boxster, Cayman, 911, Panamera, and Cayenne. While sales of the new Macan GTS start today in its home market, US customers will have to wait until March to place their orders. MSRP is listed at $67,200 (plus destination), pretty evenly splitting the difference between the existing S and Turbo models. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Porsche Macan GTS – Improved Power and Performance Enhanced driving dynamics, enhanced driving fun Atlanta, Georgia. Porsche announces the new Macan GTS. With more power, a reengineered suspension, unique GTS-specific exterior and interior appointments, and new connectivity options, the new Macan GTS provides an enthusiastic driving experience that enhances the current Macan range. Based on the 3.0-liter twin-turbocharged V6 engine in the Macan S, the Macan GTS incorporates hardware changes and a unique engine calibration to allow the engine to develop 360 hp at 6000 rpm and 369 lb.-ft. of torque between a broad 1650-4000 rpm.