European Technology, Media and Telecoms Correspondent
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May 1, 2015

Siemens to keep most underperforming divisions -source

FRANKFURT/MUNICH, May 1 (Reuters) – German industrial firm
Siemens plans to keep most of its 13 underperforming
businesses for now and will try to sell a handful of “marginal”
operations, a source with direct knowledge of the matter told
Reuters.

Siemens said late last year it would decide by May what to
do with the businesses it has identified as problems and that
account for 18 percent of sales, or some 13 billion euros ($15
billion), and no profit.

Apr 26, 2015

Volkswagen board members demanded Piech go after learning of secret plot

BERLIN/FRANKFURT (Reuters) – Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board.

When news leaked out last week that Piech had been lobbying family members behind the scenes to install Matthias Mueller, the chief executive of Porsche, at the helm of VW, the company’s powerful works council and its home state of Lower Saxony – a top shareholder – decided they had had enough.

Apr 26, 2015

VW board members demanded Piech go after learning of secret plot

BERLIN/FRANKFURT (Reuters) – Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board.

When news leaked out last week that Piech had been lobbying family members behind the scenes to install Matthias Mueller, the chief executive of Porsche, at the helm of VW, the company’s powerful works council and its home state of Lower Saxony – a top shareholder – decided they had had enough.

Apr 26, 2015

Newsmaker – Ruthless VW patriarch Piech overplays last hand

FRANKFURT (Reuters) – Ferdinand Piech’s iron-fisted rule over Volkswagen helped him build an empire spanning fuel-efficient city cars to 40-tonne trucks, but in the end he overplayed his hand and was forced out before reaching his goal of making VW the world’s biggest carmaker.

A grandson of Ferdinand Porsche, the founder of the sports-car maker who developed the Beetle under a 1934 contract with the Nazis, Piech devoted his life and a 51-year career in the auto industry to making Volkswagen No. 1.

Apr 25, 2015

Ruthless Volkswagen patriarch Piech overplays last hand

FRANKFURT (Reuters) – Ferdinand Piech’s iron-fisted rule over Volkswagen (VOWG_p.DE: Quote, Profile, Research) helped him build an empire spanning fuel-efficient city cars to 40-tonne trucks, but in the end he overplayed his hand and was forced out before reaching his goal of making VW the world’s biggest carmaker.

A grandson of Ferdinand Porsche, the founder of the sports-car maker who developed the Beetle under a 1934 contract with the Nazis, Piech devoted his life and a 51-year career in the auto industry to making Volkswagen No. 1.

Apr 25, 2015

Ruthless VW patriarch Piech overplays last hand

FRANKFURT (Reuters) – Ferdinand Piech’s iron-fisted rule over Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) helped him build an empire spanning fuel-efficient city cars to 40-tonne trucks, but in the end he overplayed his hand and was forced out before reaching his goal of making VW the world’s biggest carmaker.

A grandson of Ferdinand Porsche, the founder of the sports-car maker who developed the Beetle under a 1934 contract with the Nazis, Piech devoted his life and a 51-year career in the auto industry to making Volkswagen No. 1.

Apr 25, 2015

Volkswagen Chairman Piech resigns after failing to oust CEO

FRANKFURT (Reuters) – Ferdinand Piech, a towering figure at Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) for more than two decades, resigned as its chairman on Saturday after losing a showdown with Chief Executive Martin Winterkorn.

Piech, the 78-year-old grandson of the inventor of the Volkswagen Beetle, had previously seen off other executives who crossed him, including his hand-picked successor as Volkswagen CEO, Bernd Pischetsrieder.

Apr 25, 2015

VW Chairman Piech resigns after failing to oust CEO

FRANKFURT, April 25 (Reuters) – Ferdinand Piech, a towering
figure at Volkswagen for more than two decades,
resigned as its chairman on Saturday after losing a showdown
with Chief Executive Martin Winterkorn.

Piech, the 78-year-old grandson of the inventor of the
Volkswagen Beetle, had previously seen off other executives who
crossed him, including his hand-picked successor as Volkswagen
CEO, Bernd Pischetsrieder.

Apr 23, 2015

Bilfinger says major restructuring awaits new CEO

FRANKFURT, April 23 (Reuters) – Germany’s Bilfinger
signalled a major shake-up under its new chief
executive after the loss-making engineering services company’s
fifth profit warning in less than a year sent its shares
tumbling 15 percent.

Any part of the business in which there are doubts over
future performance will face the prospect of reorganisation and
restructuring or could even be discontinued, interim CEO Herbert
Bodner said.

Apr 22, 2015

Bilfinger issues fifth warning in under a year

FRANKFURT, April 22 (Reuters) – German building services
firm Bilfinger issued its fifth profit warning in
under a year on Wednesday, saying its U.S. oil and gas business
was faring worse than expected and demand in its power plant
business remained weak.

The company said it would carry out an “extensive
restructuring and a fundamental realignment” of its power
business, which has been hit by Germany’s switch to renewable
energy, after it made a loss in the first quarter.

    • About Georgina

      "Currently based in London, with particular responsibility for professional publishers and the European activities of global technology, media and telecoms firms. Previously European technology correspondent based in Frankfurt. Began career in local radio in Glasgow and then worked in TV news for many years for Reuters, the BBC and Sky News in London and Moscow."
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