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The move on VW becomes a lot more interesting when one considers that VW supervisory board chairman Ferdinand Piech is also the "head" of the Porsche clan - his uncle founded the company, and his grandfather designed the original prewar beetle.
I agree that a lot of what Wedeking says is sound, but the whole thing is just so cozy it's creepy. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
He has the 'luxury' of strong results (possibly made possible by the longer view taken by the family shareholders) to brush off the usual requests for short term performance standards (including cutting costs and the like).
But the point is that he has proved that some of these 'costs' (i.e. in his workers) are actually smart investments. Of course, that lesson will not be remember in any systematic way by investors. In the long run, we're all dead. John Maynard Keynes
I was merely noting that given the Porsche ownership structure, he can tell the market playas to go pee up a rope as long as he has the family behind him. (Wikipedia notes that "As of 2005, the extended Porsche and Piech families controlled all of Porsche AG's voting shares.".) The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
So i have the feeling that some of his success comes from other CEO's not acting like he does.
Wiedeking can get away with this because he has the backing of the Porsche family, which still holds a controlling interest.
Yes, if it was down to institutional shareholders, he'd be out of a job. Gotta watch the bottom line (and race towards the bottom).
It reminds me of CostCo in America. It's like an ehtical version of Wal-Mart and is very succesful, not just because of the relatively low prices but because a lot of its customers appreciate that plentiful well-treated staff provide a better shopping experience.
Yet two years ago they were threatened by institutional shareholders who felt that labour costs were too high compared with Wal-Mart and demanded a more aggressive policy in terms of wages and training. I think they got away from the threat, but I'm not sure how. keep to the Fen Causeway
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