Porsche is postponing the appointment of Siegfried Wolf to the supervisory board of Porsche Automobil Holding SE (Porsche SE) set for confirmation at the AGM tomorrow (15 May 2018) in Stuttgart.
The engineer and former chairman of the Magna International board cited a directive against Russian companies issued by the US government in early April. Wolf is chairman of the supervisory board of Russian car manufacturer GAZ (Gorkowski Awtomobilny Sawod) based in Nischni Nowgorod, an important partner of the Volkswagen Group, which is subject to US sanctions.
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"In the interest of Porsche SE he wants to wait for clearance of the harmlessness of his mandate at GAZ for his new assignment on the supervisory board…," the automaker said in a statement.
