Defending the Ownership Structure
Volkswagen, currently experiencing its share price at almost a three-and-a-half-year low, is not underperforming due to the ownership influence of the Porsche and Piech families. Wolfgang Porsche, a prominent figure in the family lineage, refuted these claims this Monday.
A Call for Cost-Cutting and Efficiency
The grandson of Ferdinand Porsche, founder of the renowned sports car brand, Wolfgang Porsche emphasized the need for Volkswagen to enhance its efficiency and cut down on costs. Despite the significant move of listing its Porsche AG division last year, Volkswagen's valuation issues linked to its ownership structure have persisted.
Major Shareholders Aren't the Issue
Wolfgang Porsche, who is at the helm of the supervisory boards for both Porsche SE and Porsche AG, expressed his thoughts during the IAA car show in Munich. "The major shareholders are not the reason behind the share's underwhelming valuation," he clarified.
Emphasis on Competitive Performance
The Porsche and Piech families predominantly control Volkswagen through their holding company, Porsche SE, which possesses the majority of voting rights in the car manufacturing giant. "Our focus needs to be sharper on performance and cost efficiency," stated the 80-year-old Porsche. He further highlighted the importance of keeping pace with competitors in terms of cost management.
Addressing Dual Leadership Concerns
Amid concerns over the joint leadership role of Oliver Blume, who serves as the CEO for both Volkswagen and Porsche AG, Porsche came to Blume's defense. Dismissing investor skepticism, Porsche praised Blume's capability to manage both major companies efficiently.
Hints at Succession Plans
Regarding the anticipated succession plans, Wolfgang Porsche hinted at his nephew, Ferdinand Oliver Porsche, as a potential successor. Ferdinand, a member of several supervisory boards including Volkswagen, Porsche SE, and Porsche AG, brings with him a wealth of experience. "I won't be in this position indefinitely," Porsche mentioned.
