On Saturday, Volkswagen AG Chairman Ferdinand Piëch announced his resignation from all mandates effective immediately. His wife, Ursula Piëch, did the same by leaving her seat at the board.
Piëch, the grandson of Ferdinand Porsche, had been at the helm of VW for 22 years. He was recently under fire after a failed attempt to oust his eventual successor, current CEO Martin Winterkorn, on April 10th.
This isn't just a battle within the company; it also threatens to tear the family apart. Piëch and his cousin, Wolfgang Porsche, are Volkswagen's main shareholders, controlling 51% of the voting stock through their family investment company Porsche Automobil Holding SE.
Berthold Huber, deputy chairman of the committee and former head of the IG Metall trade union, will assume Piech’s duties until a new chairman is elected. That could take place as soon as May 5th at the next annual shareholder’s meeting.