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Wolfgang Porsche announces final term on Volkswagen supervisory board
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FRANKFURT (Reuters) – Volkswagen co-owner Wolfgang Porsche will stand for one more term on the German car manufacturer’s supervisory board, according to trade publication Automobilwoche.
FRANKFURT (Reuters) – Volkswagen co-owner Wolfgang Porsche will stand for one more term on the German car manufacturer’s supervisory board, according to trade publication Automobilwoche.
At Volkswagen’s annual general meeting on May 10, Porsche wants to be re-elected for five years. “After that, younger people have to do it,” he told the publication.
Wolfgang Porsche, grandson of company founder Ferdinand Porsche, will mark his 80th birthday on the day of the AGM, which he plans to attend, the report said.
In addition to this board role, Porsche is the chairman of the supervisory board of Porsche AG and Porsche SE and a member of the supervisory board at Audi.
Wolfgang Porsche’s desired successor is his 62-year old nephew Ferdinand Oliver Porsche, but a formal decision has not been made by the family.
In September last year, Volkswagen defied volatile equity capital markets with its initial public offering (IPO) of sports car brand Porsche at a valuation of 75 billion euros ($72 billion) in Germany’s second-biggest market debut.
(Reporting by Emma-Victoria Farr, editing by Barbara Lewis)
A supervisory board is a governing body that oversees the activities of a company, ensuring that it operates in the best interests of shareholders and stakeholders.
An Initial Public Offering (IPO) is the process through which a private company offers its shares to the public for the first time, allowing it to raise capital from public investors.
Corporate governance refers to the systems and processes that direct and control a company, focusing on the relationships among stakeholders and the goals of the organization.
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