Archive for March 13th, 2008

Wolfgang Porsche joins VW board

WOLFSBURG, Germany (Reuters) — Porsche Chairman Wolfgang Porsche was nominated today to replace Heinrich von Pierer on the Volkswagen supervisory board, VW said in an invitation to its annual general meeting.

It also nominated Lower Saxony Prime Minister Christian Wulff and his finance minister to a further term on the board, after the European Union ruled that the state’s right to appoint members to the VW board based on the Volkswagen Law was illegal.

Speculation arose in recent weeks that Porsche may try to push through changes during the annual general meeting, including the nomination of two additional representatives to VW’s board, but apart from Wolfgang Porsche’s nomination there were no further new developments revealed by Porsche.

Von Pierer was formerly CEO and chairman of Siemens but had to step down from his post under heavy pressure following the company’s biggest corporate bribery scandal.

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