Ferdinand Piech net worth

Short introduction

Ferdinand Karl Piëch (born April 17, 1937, Vienna – August 25, 2019, Rosenheim, Germany) – Austrian-German car producer; Entrepreneur, clothier, supervisor and majority shareholder. Chairman of the supervisory forums of Volkswagen AG (2002-2015) and MAN (2007-2015). A member of the Porsche automobile dynasty (direct grandson of the dynasty founder Ferdinand Porsche) – had Austrian citizenship.

Early life

He changed into the 1/3 toddler withinside the own circle of relatives of legal professional Anton Piëch (1894-1952) and his spouse Louise Porsche (1904-1999). His father controlled the Volkswagen flora in Wolfsburg for the duration of the Second World War. Mother changed into the daughter of a famous automobile clothier and entrepreneur Ferdinand Porsche. Ferdinand Piëch consequently refers to the “female” department of the descendants of one of the pioneers of the automobile enterprise.

In 1962 he graduated from the Technical University in Zurich, the degree thesis changed into devoted to the layout of the engines of Formula 1 cars; Piëch is a physician of engineering Honoris causa.

Piëch’s undisputed enterprise achievement consists of the improvement of the Volkswagen Group, which he completed way to his offensive strategy. In 2009 he signed a settlement to merge Porsche and Volkswagen.

Career

In 1963 Ferdinand were given a activity as an engineer at Porsche in Stuttgart together along with his uncle. He then have become technical director. In 1968, Ferdinand spent thirds of the Porsche Group’s annual price range on the development of 25 Porsche 917 motorsport automobiles, which had been designed below his supervision. This wide variety changed into vital to participate withinside the 24-hour race in Le Mans. The own circle of relatives changed into extraordinarily sad with Ferdinand’s budgetary move. If a automobile broke down, the corporation might be at the verge of bankruptcy. However, the Porsche 917 changed into an absolute achievement and received the mythical vehiclemobile marathon.

Ferdinand commenced running at Audi in 1972, in which he rose to the pinnacle of the profession ladder and have become CEO. At that time, Audi changed into generating mid-variety cars. However, Ferdinand controlled to show the corporation right into a top rate automobile producer for the duration of his paintings. He actively pursued a coverage of introducing numerous technological innovations – the set up of 5-cylinder engines, Quattro all-wheel systems, light-weight aluminum frame elements and different innovations. In 2011, Audi overtook Mercedes-Benz withinside the global automobile income of top rate automobiles for the primary time because it changed into founded.

In 1993 Ferdinand took over the control of Volkswagen. At that time, the corporation changed into in bad shape, posting an extraordinary annual lack of over 1 billion euros. Ferdinand straight away determined to put off nearly all the leadership, even as now no longer decreasing the easy workers. Due to endured paintings in numerous directions, the corporation’s internet income in 2002 changed into EUR 2.6 billion.

Overall, Volkswagen’s marketplace fee elevated 15-fold in 22 years. Under Piëch, Volkswagen entered the luxurious automobile enterprise for the duration of its activities (in 1998 the corporation received Bugatti, Bentley and Lamborghini). As of 2012, the institution managed 12 brands, such as producers of vans and buses, MAN, Scania, Ducati bikes and others.

Career highlights

Leaving the Volkswagen Supervisory Board – Piëch has constantly been very disturbing of his personnel and this changed into additionally the purpose for the dismissal of lots of them. His subsequent sufferer changed into his very own candidate, Martin Winterkorn, CEO. The motives why Piëch refused Winterkorn had been now no longer disclosed. Piëch, however, underestimated his protege. He controlled to win the affection and guide of maximum of the personnel, individuals of the supervisory board or even the authorities of Lower Saxony, in Wolfsburg – the capital of Volkswagen. All 5 different individuals of the Supervisory Board voted on April 25, 2015 in opposition to Piëch’s request to cast off Winterkorn. Piëch and his spouse Ursula left the institution’s supervisory board. The inventory alternate reacted to Piëch’s departure through growing the percentage rate through 5%.

Since 1984 Ferdinand Piëch changed into married in a 2nd marriage to Ursula Piëch (* 1956), a former governess of the own circle of relatives. The own circle of relatives has lived in Salzburg considering 2002. They have 3 kids together. Piëch has a complete of twelve kids from preceding marriages and relationships. He appreciated Far Eastern subculture and Japanese ethics and changed into an skilled sailor.

His foremost awards

2011 “Man of the Year” – consistent with the American magazine “Automobile Magazine”;

2011 – Title “The maximum crucial supervisor considering 1971” (“Manager Magazin”, Germany)

2002 – a medal from William Exner, fund of the equal name (Austria);

1999 – “twentieth Century Automotive Manager” (Global Automotive Elections Foundation, USA).

Famous quotes

“I’m at a distance from Winterkorn”

“Volkswagen changed into a most cancers affected person who had given up on himself.”

“I’ll simplest guillotine whilst I’m certain who it changed into.”

“I am the chairman of the supervisory board of Volkswagen AG, I am now no longer the savior of Porsche.”

“I changed into constantly of the opinion that you can stay with the VW law.”