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    Aug 14, 2009 12:20:43 AM

    Ron (Houston)M
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    Dr. Martin Winterkorn Selected as Porsche CEO

    Winterkorn.jpg

    VW-Porsche cross-pollination as Winterkorn, Pötsch join Porsche board

     

    The assimilation of Porsche into the Volkswagen Group continued today as two top executives from Wolfsburg have taken up similar positions at the parent company of the sports car maker. Volkswagen CEO Dr. Martin Winterkorn will become CEO of Porsche Automobil Holding SE on September 15. He will be joined on the Porsche SE board of management by Hans Dieter Pötsch, who will serve as chief financial officer. Porsche SE is the holding company owned by the Porsche and Piech families that controls Porsche AG, the automaker.

    Conversely, Michael Macht, who recently replaced Wendelin Wiedeking as CEO of Porsche AG, will be appointed to a senior management position at Volkswagen where he will represent the interests of Porsche. Macht will also retain his role at Porsche AG. Hit the jump for the official press release.

    [Source: Porsche]

    PRESS RELEASE:

    Winterkorn and Pötsch appointed into Board of Management of
    Porsche SE

    Stuttgart. In today's meeting, the Supervisory Board of Porsche Automobil Holding SE, Stuttgart, appointed with effect from 15 September 2009 Prof. Dr. Martin Winterkorn as CEO and Hans Dieter Pötsch as CFO of the company. They will exercise these tasks in addition to their functions as members of the Board of Management of Volkswagen AG. Since 2007, Prof. Dr. Winterkorn is CEO of Volkswagen AG, since 2003 Hans Dieter Pötsch is CFO of the automotive group in Wolfsburg.

    The CEO of Dr. Ing. h.c. F. Porsche AG, Michael Macht, who is also a member of the Board of Management of Porsche SE, shall be appointed into the top management of Volkswagen AG, in order to represent the Porsche brand there. Thomas Edig, deputy chairman of Porsche AG, is a further member of Porsche SE's Board of Management with responsibility for administration.


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    Happy Driving

    Aug 14, 2009 1:29:29 AM

    nberry Offline
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    Reply to: Ron (Houston)M

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    And it begins. it will be ugly. WW had his team and who no were doubt loyal to him. Winterkorn will want his own loyal team.  In senior management positions, comfort level trumps competency and knowledge.


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    Aug 14, 2009 10:27:49 AM

    reginos
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    Reply to: nberry

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    I've been reading a short Winterkorn interview whilst he was in the UK. He was there to sign off some new VW Group models by driving them on UK roads including the Bentley Supersports. I cannot imagine WW driving any Porsche to check out its handling prior signing off.

    On a different note he said that he is pro-expansion as regards Porsche. His line of thinking is that because such expansion will be mainly effected in new markets it won't affect the exclusivity of the brand elsewhere. If 20.000 additional Porsche find their way in China or Russia or India etc. the person in California, for example, wouldn't know of them or surely wouldn't be able to see them.


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    It's not where you're going, it's how you get there that counts

    Aug 14, 2009 10:35:59 AM

    Ferdie
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    Reply to: reginos

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    Winterkorn is, similiar to Piech, a perfectionist when it comes to cars (and probably everything else in life as well). He was basically the inventor of the small panel clearances on the Golf IV and, as one can see during his time at Audi, puts out quite a pace when it comes to automotive development.

    I am curious to see what he will let Porsche become, in terms of technology and reputation. If you consider everything he changed at Audi he might get Porsche off the financially-orientated path as well, not to mention the synergies Porsche can benefit from than we might be off to a decent future.

    The fact that Porsche will not be independent from now on is certainly a sad thing and the only thing about it that bugs me. For everything else, let´s wait and see...

    Aug 14, 2009 2:55:46 PM

    fritz
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    Reply to: Ron (Houston)M

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    Stock market is hyperactive here today for some reason, with VW falling 27% intraday at one stage. Seems to be recovering some of this loss again now though.

    Any ideas as to what might be behind it?


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    fritz

    Aug 14, 2009 3:00:02 PM

    reginos
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    Reply to: fritz

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    fritz:

    Stock market is hyperactive here today for some reason, with VW falling 27% intraday at one stage. Seems to be recovering some of this loss again now though.

    Any ideas as to what might be behind it?

    Read this

    http://www.google.com/hostednews/afp/article/ALeqM5gkAmFpR7QdOu52bdOO7MwI8GABjA


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    Aug 14, 2009 3:17:30 PM

    fritz
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    Reply to: reginos

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    reginos:
    fritz:

    Stock market is hyperactive here today for some reason, with VW falling 27% intraday at one stage. Seems to be recovering some of this loss again now though.

    Any ideas as to what might be behind it?

    Read this

    http://www.google.com/hostednews/afp/article/ALeqM5gkAmFpR7QdOu52bdOO7MwI8GABjA


    Things got much worse after that bulletin was issued. Some people obviously paniced because they thought the stock was heading down from yesterday's 230+€ to many market analysts target of just 90€.

    Just goes to show how easily the VW/Porsche situation could have ended so differently. Smiley

    Or is it not yet at an end? Smiley


    --

    fritz

    Aug 14, 2009 4:58:57 PM

    Carlos from SpainM
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    Reply to: fritz

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    Quickly, Porsche , try to buy up all the VW stock now that its low!

     


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    Aug 14, 2009 6:04:29 PM

    Super DariusM
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    Reply to: fritz

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    fritz:

    Stock market is hyperactive here today for some reason, with VW falling 27% intraday at one stage. Seems to be recovering some of this loss again now though.

    Any ideas as to what might be behind it?

     i understand nothing,but from the few i understand,for Porsche's shares the future will be better that in the last months...so finger crossedSmiley

    And about VW shares ,all tell that over 200 euros is not a "real" price..so in the next months they must go down under 100 Smiley


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    Aug 14, 2009 6:38:07 PM

    fritz
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    Reply to: Carlos from SpainM

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    Carlos from Spain:

    Quickly, Porsche , try to buy up all the VW stock now that its low!

     

    Too late, Carlos. Smiley  They've tried it. Smiley  It went slightly wrong. Smiley


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    fritz

    Aug 14, 2009 6:50:17 PM

    fritz
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    Reply to: Super DariusM

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    Super Darius:

    And about VW shares ,all tell that over 200 euros is not a "real" price..so in the next months they must go down under 100 Smiley

    Well, they made a start today when they went below 190, so in this instance "all" would appear to be right. Smiley


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    fritz

    Aug 20, 2009 8:16:39 PM

    Porsche-Jeck
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    Reply to: fritz

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    Rumor has it that Quatar paid 80-90 Euro per share Smiley


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    Aug 20, 2009 8:52:06 PM

    fritz
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    Reply to: Porsche-Jeck

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    Porsche-Jeck:

    Rumor has it that Quatar paid 80-90 Euro per share Smiley

    I read that too, and VW's stock market price was down to just 144 today from 230+ last week, so pretty soon we may all be able to buy at 80-90 again.  Smiley


    --

    fritz

    Aug 20, 2009 9:25:08 PM

    Porsche-Jeck
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    Reply to: fritz

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    fritz:

    so pretty soon we may all be able to buy at 80-90 again.  Smiley

    Yes, probably - though I think the preferred stock may be still a safer bet (small free float, VW common stock may have to leave the DAX).


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    Aug 21, 2009 2:39:30 PM

    RCA
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    Reply to: nberry

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    nberry:

    And it begins. it will be ugly. WW had his team and who no were doubt loyal to him. Winterkorn will want his own loyal team.  In senior management positions, comfort level trumps competency and knowledge.

     

    Very well said. The "horror" has started and it won't be over soon.

    I just hope that this charade is going to leave Weissach development unaffected but unfortunately it seems that even there, one or two important heads might roll. Time will tell.


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    Aug 21, 2009 3:15:06 PM

    reginos
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    Reply to: RCA

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    RC:
    nberry:

    And it begins. it will be ugly. WW had his team and who no were doubt loyal to him. Winterkorn will want his own loyal team.  In senior management positions, comfort level trumps competency and knowledge.

     

    Very well said. The "horror" has started and it won't be over soon.

    I just hope that this charade is going to leave Weissach development unaffected but unfortunately it seems that even there, one or two important heads might roll. Time will tell.

    No one is irreplaceable!

    The more I read about the situation with WW and HH at the helm, the more unhealthy it looks to me.


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    Aug 22, 2009 7:17:16 AM

    U Boat Commander
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    Reply to: reginos

    Re: Dr. Martin Winterkorn Selected as Porsche CEO

    I still don't know why they didn't appoint Dr. U-Boat Commander as CEO.


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