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Apr 27, 2015
04/15
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BLOOMBERG
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in this case, mr. piechnd support on the supervisory board that oversees volkswagen to push out mr. winterkorn. labor leaders have half the seats on the board, a powerful position. he also went to the state of lower saxony. they have two seats on the board. they basically said, we like mr. winterkorn. we like what he's doing. they outvoted to stick with mr. winterkorn. even mr. piech's cousin wolfgang porsche, also supported mr. winterkorn. mr. piech wound up isolated on the board. his wife also stepped down from her position on the supervisory board over the weekend. guy: let's talk about strategy. his strategy has always been to build the empire. talk about what he's achieved during his tenure. chad: he has created a 12-brand but he met. most important is what he's done in the luxury segment. he was instrumental in the purchase of porsche. he also helped build audi into the bahia it is today -- the dehembehemoth it is today. audi is fighting with bmw and mercedes for the top spot. mr. piech ran audi before
in this case, mr. piechnd support on the supervisory board that oversees volkswagen to push out mr. winterkorn. labor leaders have half the seats on the board, a powerful position. he also went to the state of lower saxony. they have two seats on the board. they basically said, we like mr. winterkorn. we like what he's doing. they outvoted to stick with mr. winterkorn. even mr. piech's cousin wolfgang porsche, also supported mr. winterkorn. mr. piech wound up isolated on the board. his wife...
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Apr 16, 2015
04/15
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even before mr. piech had a chance to speak to the board semi-saying he came out to the media and said he did not want mr. venturewinterkorn to succeed him. kevin: he has not gotten widespread support for that opinion. you do not know what is going to go on behind closed doors. there have been indications that other board members do not feel the same way that you do not know what kind of power he is wielding before these meetings. usually there is a longer lead time in terms of a heads up. so this seemed to be thrust upon the board and they have not publicly chosen sides. mark: can mr. winterkorn get the job without mr. piech's backing? kevin: technically, yes. but it would be difficult because his contract is up before piech is out. mark: thank you so much. we are hearing that the meeting is over and we do not have any word yet about the outcome. bloomberg television will continue to follow the story and bring you updates as soon as we get them. coming up, a big day in the ipo market. we hear from the ceo
even before mr. piech had a chance to speak to the board semi-saying he came out to the media and said he did not want mr. venturewinterkorn to succeed him. kevin: he has not gotten widespread support for that opinion. you do not know what is going to go on behind closed doors. there have been indications that other board members do not feel the same way that you do not know what kind of power he is wielding before these meetings. usually there is a longer lead time in terms of a heads up. so...
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Apr 13, 2015
04/15
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the issue is, one mr. piech doesn't think mr. winterkorn has done a good enough job in the u.s.so haven't come up with a low-cost alternative, a cheaper volkswagen for this market. the company has been very successful. their stock is up 37% on the year. sales are right around 10 million units per year. they are getting close to taking over toyota as the world's leading automaker. cutting against that, the volkswagen brand, they've had some profitability challenges. they came in 2014 at 2.5% operating margin. their goal by 2018 is 6%. they've done a lot of cost-cutting. the retold those plants. they hope that some upfront investments are going to lead to better margins down the line. right now, it looks like mr. winterkorn has the backing of his board, but not the chairman. jonathan: let's talk about the public spat a little more. we see this stuff on wall street, here in london, how rare is it to have a public feud in germany? hans: for a family company, it is very rare. you rarely have these disputes. the only time we have this open dissent on boards is when you have an activis
the issue is, one mr. piech doesn't think mr. winterkorn has done a good enough job in the u.s.so haven't come up with a low-cost alternative, a cheaper volkswagen for this market. the company has been very successful. their stock is up 37% on the year. sales are right around 10 million units per year. they are getting close to taking over toyota as the world's leading automaker. cutting against that, the volkswagen brand, they've had some profitability challenges. they came in 2014 at 2.5%...
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Apr 27, 2015
04/15
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have learned since then from various sources that we have been talking to that after that meeting, mr. piech continued to talk to people in the company in a push to have mr. winter tour removed. it was at this time that the top leaders and the company, including the ownership stake and also his very own cousin and they called a meeting. this meeting took place over the weekend, and they basically said to him that at this point, the game is up and that he had to go, and also his wife also was forced to step down from the board. manus: are we closer to understanding why he went? why he set this train in motion. you said, as you suggest there, some of you like to get his way and when a ceo got in his way he got them out of his way. why did he set this train in motion? reporter: that is really be million dollar question, and when you talk to people at the company, they really cannot answer it. volkswagen is having some problems. a are struggling a bit in the u.s. market. their profitability is not as high as they would like. that said, volkswagen as an entire company had record sales revenue las
have learned since then from various sources that we have been talking to that after that meeting, mr. piech continued to talk to people in the company in a push to have mr. winter tour removed. it was at this time that the top leaders and the company, including the ownership stake and also his very own cousin and they called a meeting. this meeting took place over the weekend, and they basically said to him that at this point, the game is up and that he had to go, and also his wife also was...
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Apr 13, 2015
04/15
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CNBC
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in that interview, mr. piech said i'm distancing myself. very few details. sn't clear exactly what he was on odds with mr. winterkorn on but the assumption is the costs. vw has been extremely successful in really boosting their volume. we saw record sales last year but the costs continue to increase and people are very concerned about that. they are also concerned about slow investment into the united states and people that haven't seen growth of that name sake in that vw brand in the u.s. market. as we know winterkorn is getting to the end of his tenure. his contract expires at 2016. there's been quite a bit speculation what happens next. who may take over. on the other side a lot of speculation he could stay beyond 2016 and if he doesn't, the initial thinking he would take over from piech when he was expected to step oun. it's a really interesting element is how we've seen the revolt since those were made. his own cousin said this is not the family policy. he's saying he did not consult us. he's very much out on his own in this stance and then of course we
in that interview, mr. piech said i'm distancing myself. very few details. sn't clear exactly what he was on odds with mr. winterkorn on but the assumption is the costs. vw has been extremely successful in really boosting their volume. we saw record sales last year but the costs continue to increase and people are very concerned about that. they are also concerned about slow investment into the united states and people that haven't seen growth of that name sake in that vw brand in the u.s....
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Apr 27, 2015
04/15
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mr. porsche. we say porsche you say porsche, but what we can see is piech out the door. olivia: at v.w.e of thrones. tom: this is not the lannisterss, but it's close. help us with the back story of a struggling v.w. francine: this is an amazing story. just a reminder, ford and some of your big carmakers make around 3.7 million units a year. this is a company that makes 10 million. so it's close to surpassing toyota as the biggest carmaker in terms of units provided. this is a chairman that has picked battles at the past, done a fairly good job. he's picked battles in the past, which he's won. and this time he lost, which is why he's had to step down. what this means, though, is that a lot of investors are saying this opens the door to v.w. volkswagen of now entering the u.s. market in a more aggressive way, actually making cars that the u.s. market will buy. margins are not great, but it's actually selling cars, not so in the u.s., because you don't like those cars. olivia: oh we like the porsches. tell us about this hsbc story going on this morning. shares up by about 5%. we heard on f
mr. porsche. we say porsche you say porsche, but what we can see is piech out the door. olivia: at v.w.e of thrones. tom: this is not the lannisterss, but it's close. help us with the back story of a struggling v.w. francine: this is an amazing story. just a reminder, ford and some of your big carmakers make around 3.7 million units a year. this is a company that makes 10 million. so it's close to surpassing toyota as the biggest carmaker in terms of units provided. this is a chairman that has...