Ferdinand Piech is expecting to be re-elected as head of Volkswagen’s supervisory board.
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Reuters cited a source in the state of Lower Saxony, one of Volkswagen’s major shareholders, as saying that “nothing stands in the way of Mr. Piech’s re-election”.
Piech represents Porsche’s interests on the Volkswagen board. The sportscar specialist currently owns 27.5% of Volkswagen.
An election is scheduled for the Volkswagen annual general meeting on 19 April.
Only Lower Saxony could block the election of Piech. Last year Christian Wulff, president of Lower Saxony, and Porsche CEO, Wendelin Wiedeking, agreed that Piech would retire from the board and a third party would be appointed chairman. Since then Porsche has increased its stake in Volkswagen.
Piech’s re-election is likely to be supported by labour representatives who see him as responsible for removing former CEO Bernd Pischetsrieder. Pischetsrieder was locked in battle with workers last year over cost-cutting targets.
