One of the preeminent figures within the European automotive industry is looking to get out of the family business. The former paterfamilias of Volkswagen AG, Ferdinand Piech, is looking to dump his stake of Porsche Automobil Holding SE and sever his remaining ties to VW. Piech’s shares would remain within the Porsche-Piech family — allowing them to keep control of Volkswagen Group — but Ferdinand would be out of the game as a majority stakeholder.

Piech has been at odds with his relatives after suggesting that Wolfgang Porsche and several other VW supervisory board members had been aware of Volkswagen’s emissions cheating much earlier than they claimed. Sources close to the family, whose members are apparently outraged, have stated that the Porsche-Piech gang sought to replace him at the table of Porsche Holdings ever since.  (Read More…)