Ferdinand Piech, former VW Chairman is reported to be losing his board seat at Porsche SE according to a report in Bild am Sonntag. In case you're not familiar, Porsche SE is the company that the Porsche and Piech families keep their holdings in Europe's largest carmaker.
At the annual meeting on May 30th Porsche SE's shareholders will vote on the future composition of the holding company's supervisory board. Both Wolfgang Porsche and Ferdinand Piech's brother, Hans Michael Piech, or on the list, Ferdinand is now. The final list of acceptable candidates must be decided by mid-April.
As most of you know, Ferdinand Piece resigned as Chairman of VW (Porsche SE holds 52% of VW's voting rights) after a battle with Martin WInterkorn in April of last year. It's still unclear if VW will take legal action against Piech with regard to the diesel emission test scandal that rocked VW to its very core.