Volkswagen Group is approaching a potential change in leadership on its supervisory board as Wolfgang Porsche and Hans Michel Piëch prepare to leave their positions. With both men in their 80s and nearing the end of their current terms, members of the next generation of the Porsche-Piëch family are being considered as possible successors.
Wolfgang Porsche and Hans Michel Piëch to Step Down
According to Automotive News, Wolfgang Porsche and Hans Michel Piëch will not seek another term on the Volkswagen Group’s supervisory board.
Piëch currently serves as deputy chairman of the supervisory board of Porsche Automobil Holding SE, while Porsche is chairman of the same board. Both men are in their 80s and nearing the end of their current terms.
The potential leadership change comes at a difficult period for Volkswagen Group. Falling profits, lower sales and the loss of its hold in China have weighed heavily on the company’s bottom line.
Volkswagen Group is taking significant measures to improve profitability. The company is still making money and is not experiencing heavy losses, but the downward trend could create greater financial pressure if it continues.
Who Could Succeed the Porsche-Piëch Leaders?
Several members of the family are potential candidates for the supervisory board’s leadership.
One leading candidate mentioned by Automotive News is Ferdinand Oliver Porsche, Wolfgang Porsche’s nephew. He currently serves as a member of the supervisory board, and his appointment as chairman would follow an established line of succession within the company’s ranks.
Ferdinand Oliver Porsche’s sons are also possible candidates. Ferdinand Rudolf Wolfgang Porsche and Felix Alexander Porsche are both supervisory board members like their uncle.
The brothers are significantly younger than their uncle. Ferdinand Rudolf Wolfgang Porsche is 33, while Felix Alexander Porsche is 30. Their uncle, Ferdinand Oliver Porsche, is 65.
Could an Outsider Take the Chairman Role?
The possibility of appointing someone outside the Porsche-Piëch family as chairman has also been raised. Such a move would not be unprecedented.
Automotive News cites German industrialist Klaus Liesen as an example. He led the board from 1987 to 2002 and worked closely with Ferdinand Piëch.
No outsider candidates have been mentioned in German media so far. Choosing someone from outside the Porsche-Piëch family, however, could bring a wider perspective to the board as Volkswagen Group works through its current challenges.
The upcoming succession could therefore mark a significant transition for the family’s long-standing role at Volkswagen Group, with younger Porsche-Piëch members and a potential outsider among the possibilities being discussed.
