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Volkswagen names Piech's nieces to supervisory board

Volkswagen was left with two vacancies on its supervisory board after Ferdinand Piech and his wife Ursula were forced out a few days ago, and now it's filled them. Intriguingly, however, both of the new directors are Piech's nieces. The most obvious connection is Julia Kuhn-Piech, a real-estate professional who has sat on the board of VW's Man truck subsidiary since last year. Kuhn-Piech, 34, is the daughter of Ferdinand's younger brother Hans-Michel Piech (and by extension, niece of the ousted chairman). The other seat is being filled by Dr. Louise Kiesling, 57, a designer and daughter of Ferdinand's late older sister Louise Daxer-Piech. Keeping track of the lineage of the Porsche-Piech clan can be confusing, particularly with so many Ferdinands and Louises, but it breaks down essentially as follows: All are descended from Ferdinand Porsche, founder of the eponymous automaker and credited as the designer of the original Volkswagen Beetle. Porsche had a son and a daughter, the latter being Louise Porsche, who married Anton Piech and had four children: Ernst, Louise (mother of incoming board member Louise Kiesling), Ferdinand (the ousted chairman) and Hans Michel, father of the other incoming board member Julia Kuhn-Piech and a board member of both the Volkswagen Group and Porsche SE as well. The Piech and Porsche families control Porsche SE, which holds 50.7 percent of shares in the Volkswagen Group, which in turn owns Porsche the automaker. With all that in mind, appointing other members of the Piech-Porsche clan to the board follows logically enough - particularly since other members of the family helped oust Ferdinand from the chairmanship in the first place. The nominations, incidentally, also help VW increase its proportion of female board members. The two incoming Piechs will join Annika Falkengren of Swedish bank SEB and Babette Frohlich of the same IG Metall union as the board's interim chairman Berthold Huber. Wolfsburg, 30 April 2015 Dr. Louise Kiesling and Ms. Julia Kuhn-Piech appointed new members of the Supervisory Board of Volkswagen AG Upon application by the Board of Management of Volkswagen AG, Dr. Louise Kiesling and Ms. Julia Kuhn-Piech were today appointed members of the Supervisory Board of Volkswagen AG by Braunschweig Local Court with immediate effect. The appointments were made pursuant to Section 104 of the Aktiengesetz (German Stock Corporation Act) and were occasioned by the recent resignations of Prof. Ferdinand K.

Former Porsche execs charged with stock manipulation in Germany

The ongoing indictment of top Porsche executives for alleged stock manipulation during the attempted takeover of Volkswagen has taken years to reach an actual decision, but a trial date has finally been set for October 22. In addition to former CEO Wendelin Wiedeking (pictured above) and ex-CFO Holger Haerter, prosecutors have also added Anton Hunger, who was communications boss at the time, to the list of those charged, according to Reuters. The men purportedly made false statements to investors about plans to acquire 75 percent of VW stock. The prosecutor also dropped charges against Ferdinand Piech and Wolfgang Porsche in the same case, Reuters reports. The two Porsche family members were on the company's board at the time, but investigators found that they had no role in making the false statements. If found guilty, the former Porsche execs could face up to five years in prison. As expected, lawyers for Wiedeking and Haerter have repeatedly denied any wrongdoing by their clients. The investigation into Porsche SE's actions during the failed VW takeover go back to at least 2009 when the firm's offices were raided. Wiedeking and Haerter were eventually indicted in 2012. A Stuttgart court initially dismissed the case for lack of evidence, but in 2014 that decision was reversed on appeal. At the same time, investors have brought multiple civil lawsuits against the company, but none of those cases have been successful.

Porsche trio seals endurance drivers' title

Fifth place. That's all it took for the Porsche team to seal the drivers' title in the 2015 FIA World Endurance Championship. And that's just what they did this weekend in the 6 Hours of Bahrain. The leading lineup of Timo Bernhard, Brendon Hartley, and Mark Webber drove the #17 Porsche 919 Hybrid to the drivers' title to cap a dominant season for the Weissach team. Porsche already won the pinnacle race at Le Mans this past summer, and drove home the manufacturers' title at the penultimate round in Shanghai. The championship-winning trio of Bernhard, Hartley, and Webber won four out of the total eight rounds this season – including the races at the Nurburgring, Circuit of the Americas, Fuji, and Shanghai. That gave them 166 points in the final standings, besting the 161 achieved by the Audi team of Andre Lotterer, Marcel Fassler, and Benoit Treluyer, who won at Silverstone and Spa. In beating Audi to the top honors in the championship and at Le Mans, Porsche has completely locked its corporate cousins (and chief rivals) out of the winner's circle for the first time in years. Last season saw Toyota win both titles in the WEC, but Audi still won at Le Mans. Audi won both titles in the first two seasons of the championship, and the French endurance race all but three times in the past 16 years. The last time Audi was completely shut out was in 2009, when Peugeot won at Le Mans and Aston Martin took both titles in the associated Le Mans Series with its Lola-based LMP1 prototype. This latest achievement only adds to Porsche's unsurpassed sports car racing trophy cabinet. The German outfit won 12 manufacturers' and teams' titles (and another six drivers' titles) in the 1970s and 80s under the previous World Sportscar Championship. It has won at Le Mans a record 17 times, and another 18 each at Sebring and Daytona. Porsche also took the checkered flag at the Targa Florio 11 times, won the Monte Carlo rally four times, the Dakar twice, and with TAG and McLaren, won three drivers' titles, two constructors' titles, and 25 grands prix in Formula One. Related Video: Porsche works drivers win the FIA World Endurance Championship drivers' title The new champions: Timo Bernhard, Brendon Hartley and Mark Webber Stuttgart.