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Porsche SE backs Volkswagen management after chairman's exit

April 25, 2015 at 02:44 pm EDT

FRANKFURT (Reuters) - Volkswagen's (>> Volkswagen AG) biggest shareholder Porsche SE (>> Porsche Automobil Holding SE) backed the carmaker's management after Chairman Ferdinand Piech resigned after losing a leadership row on Saturday.

"We have complete faith in the management of Volkswagen and regret the developments of recent days," Porsche SE Chairman Wolfgang Porsche, who is also Piech's cousin, said in a statement.

He added that Porsche SE, which controls 51 percent of Volkswagen's common stock, would continue to live up to its responsibility as a major shareholder of the carmaker.

(Reporting by Maria Sheahan; Editing by Georgina Prodhan)

Stocks treated in this article : Volkswagen AG, Porsche Automobil Holding SE

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
VOLKSWAGEN AG	121.4 EUR	+0.04%	+0.58%	70.53B
EON SE	12.52 EUR	+0.36%	+3.69%	34.68B
PORSCHE AUTOMOBIL HOLDING SE	49.5 EUR	+0.55%	-0.12%	16.05B
PORSCHE AG	91.92 EUR	+2.73%	+1.91%	86.77B

Wolfgang Porsche

Wolfgang Porsche is an Austrian businessperson who has been at the head of 10 different companies and presently occupies the position of Chairman-Supervisory Board of Familie Porsche AG Beteiligungsgesellschaft, Chairman-Supervisory Board at Porsche Automobil Holding SE, Chairman-Supervisory Board of Dr. Ing. h.c. F. Porsche AG and Co-Managing Director at Porsche GmbH (Germany). He is also Managing Partner at Porsche Holding GmbH and on the board of 11 other companies. Wolfgang Porsche previously occupied the position of Chairman-Supervisory Board of Porsche Holding Stuttgart GmbH, Managing Director at Porsche LLC, Chairman-Supervisory Board for Eterna AG Uhrenfabrik, Managing Director at Porsche Austria GmbH, Managing Director at Wolfgang Porsche Gmbh, Managing Director at Porsche GmbH (Germany) and Manager at Daimler-Benz AG. Dr. Porsche received an MBA and a doctorate from the University of World Trade and an undergraduate degree from the University of Vienna.

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Linked companies
PORSCHE AUTOMOBIL HOLDING SE	Chairman
Porsche GmbH (Germany) Porsche GmbH (Germany) Motor VehiclesConsumer Durables Porsche GmbH manufactures sports cars. The firm specializes in sports cars, SUVs and sedans. The company is headquartered in Gruenwald, Germany.	Chief Executive Officer