Now raising intellectual capital
It looks as though General Motors will soon be looking for a new executive to run GM Europe, which includes its troubled Opel unit.
The U.S. carmaker needs someone with credibility within Germany as well as within the car industry if it replaces GM Europe head Carl-Peter Forster.
There are a few German industry heavyweights about who could do the job.
How about former Continental CEO Manfred Wennemer, who knows a lot about tyres and auto parts? Or Porsche’s former boss and golden-boy Wendelin Wiedeking? Or Daimler’s Wolfgang Bernhardt, who recently took over running the Mercedes-Benz van unit?
All have the right credentials, although Wiederking may have too much baggage (and too much money after his pay-off from Porsche to want to do the job).
However the Volkswagen-Porsche stand-off resolves itself, it looks as if Ferdinand Piech holds all the cards. That should worry VW <VOWG.DE> investors.
Just look at how things stand. VW’s chairman has an iron grip on the carmaker’s board, having struck an alliance with the unions who control half the seats on it. Meanwhile, he and some of his relatives also have a blocking stake at Porsche <PSHG_p.DE>.