Volkswagen, the world’s largest carmaker in the first half of 2015, is close to appointing its chief financial officer, Hans Dieter Pötsch, as non-executive chairman. The move should help ease a boardroom battle that led to the unexpected departure of VW patriarch Ferdinand Piëch in April.
The Piëch and Porsche families are heirs to Ferdinand Porsche, who designed the original Volkswagen Beetle. Together they control 50.7 percent of VW shares via their holding Porsche SE.
“The aim is to elect Hans Dieter Pötsch as chairman of Volkswagen’s supervisory board,” Porsche SE said in a statement. A German supervisory board oversees a company’s management, or executive, board and has the power to hire and fire senior staff.
If his nomination is confirmed in November at an extraordinary shareholder meeting, it will restore stability at the maker of VW, Audi, Porsche and Skoda cars, which has seen its biggest sales market, China, stagnate, and revenue fall in Brazil and Russia.
A spokesman said there was a “consensus among all shareholders of Porsche SE” on the appointment. The appointment must still be confirmed by VW’s shareholders and supervisory board in November.
Mr. Pötsch, who is currently both chief financial officer of VW and Porsche SE, has the confidence of the Porsche and Piëch families as he helped to reduce debts at Porsche SE after it failed to take full control of VW, people familiar with the matter told Handelsblatt.