Ferdinand Piech, Volkswagen AG’s former chairman and chief executive, who changed the German firm from a fighting midsized carmaker to a worldwide automotive powerhouse, has expired, German tabloid Bild stated on Monday.
A representative for its Piech and Porsche households, who control a vast majority stake in Volkswagen during their loved ones holding business Porsche SE, had no immediate comment.
Volkswagen couldn’t be reached for comment.
Piech was a grandson of Ferdinand Porsche, the dad of this iconic Volkswagen Beetle and a part of the Porsche and Piech clans which now still restrain VW Group.
An excellent scientist, Piech turned around VW after gambling on a modular building technique which enabled Audi, Skoda, and VW manufacturers to discuss around 65% standard components, assisting Volkswagen Group to reach more significant economies of scale.
Beneath Piech’s direction, VW emphasized engineering genius ahead of earnings and proceeded to an expansion spree, including high-margin luxury marques Bentley, Bugatti and Lamborghini manufacturers in one calendar year. Politics and business never diverted me from the heart of our mission: to grow and create appealing automobiles,” Piech wrote in his autobiography.
Throughout his nine-year tenure, Piech turned into a reduction equal of 1 billion euros to a 2.6 billion euro gain when spearheading VW’s’ growth into a 12-brand empire that comprises the Chair, Skoda, Bentley, Audi, Porsche, Bentley and Ducati manufacturers along with the guy and Scania truck manufacturers.
Piech was famous for his ability to outmaneuver competitions by stoking internal rivalries to his advantage, even though it led to turning against his supervisors, such as VW Chief Executive Bernd Pischetsrieder, to side with VW’s labor leaders.
While employed as a 31-year old growth leader at Porsche in 1968; he spent two-thirds of Porsche’s yearly racing budget to construct 25 Porsche 917 race cars using an abysmal radical 600 horsepower air-cooled 12-cylinder engine layout.
Family members accused Piech him of having a reckless supervisor after risking the organization’s budget. However, the Porsche 917 proceeded to become one of the most prosperous race cars ever.
“It isn’t feasible to have a business to the very best by focusing on the maximum degree of stability,” Piech, who’s 12 kids from four distinct ladies, explained in his autobiography.
Governance at Porsche and VW had been for decades marked by inviting in-house rivalries.
While functioning as development leader at Audi, Piech chose to maintain his leading engineers at the dark regarding the aerodynamic elements of the Audi 100 using wind tunnels in Hamburg, Stuttgart, Wolfsburg and Turin to create the motor vehicle.
This way, no single engineer may defect to a rival with the essential know-how.
“I had been in the center of it all, putting together the pieces of the mystery,” Piech stated in his autobiography.
Piech held various senior positions over the VW empire, such as growth projects in Audi where he developed the new Quattro four-wheel drive technologies, also transformed the device into a respectable competitor to Mercedes-Benz and Audi.
He became Volkswagen’s chief executive in 1993 and chairman in 2002 following a short stint in Mercedes-Benz where he developed petrol motors.
From the late 1990s, VW was promoting over 5 million cars annually with business analysts crediting Piech for enhancing VW’s image as a top-quality maker.
Max Warburton, an analyst at Bernstein Research, clarified Piech since the architect of VW’s international success in a notice from 2012. Piech goes down in history as an automotive legend, even at Precisely the Same course as Gottlieb Daimler, Henry Ford, and Kiichiro Toyoda.” Volkswagen would eventually become entangled in an emissions cheating scandal just months afterward.