Porsche-Piech house to stay out of VW management: Porsche chairman

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FRANKFURT Members of a Porsche-Piech house that controls Volkswagen (VOWG_p.DE) will no longer be authorised to offer as executives of a carmaker, Porsche Automobil Holding SE (PSHG_p.DE) Chairman Wolfgang Porsche told a German newspaper.

“That no family member is active in a handling business contingency request to Porsche SE and a whole Volkswagen group,” Frankfurter Allgemeine Zeitung quoted him as observant in an speak published on Saturday.

His comments come after Ferdinand Piech, a member of a house sole a bulk of his interest in Porsche SE, that owns 52.2 percent of a voting shares in VW, to his younger hermit Hans Michel Piech.

Piech once had aspirations to lead carmaker Porsche, though his hopes were dashed in a 1970s given a house did not wish a family member during a helm.

He went on to reason comparison positions during Audi and Mercedes-Benz before rising to arch executive of VW, before it was tranquil by a Porsche-Piech families, and eventually supervisory house chairman.

Ferdinand Piech’s exit from VW noted an finish to a change of a soaring figure in a automobile attention who has had a hilly attribute with a association given he was suspended as authority in 2015, months before a association was engulfed in a diesel emissions exam intrigue scandal.

Hans Michel Piech told Frankfurter Allgemeine that a tip of Porsche’s success was that it brought in outsiders as managers rather than appointing family members.

“As a supervisory house member we can't simply tell a family member what to do. You can speak to a hired manager in a totally opposite manner,” he said.

He declined to tell Frankfurter Allgemeine how most he paid for his brother’s stake, that had a marketplace value of about 1 billion euros ($1.1 billion).

Asked who would fill Ferdinand Piech’s chair on VW’s supervisory board, he said: “I still have to consider about who will get that position.”

Both Wolfgang Porsche and Hans Michel Piech are also members of VW’s supervisory board.

(Reporting by Maria Sheahan; Editing by David Holmes and Alexander Smith)

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