Ferdinand Piech net worth 2023

Capital: € 37 billion
Age: 82
Born: 04/17/1937
Died: 05.08.2019
Country of origin: Austria
Source of wealth: Entrepreneurs
Last updated: 2023

Short introduction

Ferdinand Karl Piëch (born April 17, 1937, Vienna – August 25, 2019, Rosenheim, Germany) – Austrian-German vehicle producer; Entrepreneur, fashion dressmaker, supervisor and majority shareholder. Chairman of the supervisory forums of Volkswagen AG (2002-2015) and MAN (2007-2015). A member of the Porsche car dynasty (direct grandson of the dynasty founder Ferdinand Porsche) – had Austrian citizenship.

Early life

He become the 1/3 toddler withinside the own circle of relatives of legal professional Anton Piëch (1894-1952) and his spouse Louise Porsche (1904-1999). His father controlled the Volkswagen flowers in Wolfsburg for the duration of the Second World War. Mother become the daughter of a famous vehicle fashion dressmaker and entrepreneur Ferdinand Porsche. Ferdinand Piëch consequently refers to the “female” department of the descendants of one of the pioneers of the car enterprise.

In 1962 he graduated from the Technical University in Zurich, the degree thesis become committed to the layout of the engines of Formula 1 cars; Piëch is a physician of engineering Honoris causa.

Piëch`s undisputed commercial enterprise fulfillment consists of the improvement of the Volkswagen Group, which he done way to his offensive strategy. In 2009 he signed a settlement to merge Porsche and Volkswagen.

Career

In 1963 Ferdinand were given a task as an engineer at Porsche in Stuttgart together along with his uncle. He then have become technical director. In 1968, Ferdinand spent thirds of the Porsche Group`s annual finances on the development of 25 Porsche 917 motorsport cars, which have been designed beneathneath his supervision. This wide variety become essential to participate withinside the 24-hour race in Le Mans. The own circle of relatives become extraordinarily sad with Ferdinand`s budgetary move. If a vehicle broke down, the agency could be at the verge of bankruptcy. However, the Porsche 917 become an absolute fulfillment and gained the mythical car marathon.

Ferdinand began out running at Audi in 1972, wherein he rose to the pinnacle of the profession ladder and have become CEO. At that time, Audi become generating mid-variety cars. However, Ferdinand controlled to show the agency right into a top rate vehicle producer for the duration of his paintings. He actively pursued a coverage of introducing diverse technological innovations – the set up of 5-cylinder engines, Quattro all-wheel systems, light-weight aluminum frame elements and different innovations. In 2011, Audi overtook Mercedes-Benz withinside the international vehicle income of top rate cars for the primary time because it become founded.

In 1993 Ferdinand took over the control of Volkswagen. At that time, the agency become in bad shape, posting an unparalleled annual lack of over 1 billion euros. Ferdinand at once determined to put off nearly all the leadership, whilst now no longer lowering the easy workers. Due to persisted paintings in diverse directions, the agency`s internet earnings in 2002 become EUR 2.6 billion.

Overall, Volkswagen`s marketplace fee elevated 15-fold in 22 years. Under Piëch, Volkswagen entered the luxurious vehicle enterprise for the duration of its activities (in 1998 the agency received Bugatti, Bentley and Lamborghini). As of 2012, the organization managed 12 brands, such as producers of vehicles and buses, MAN, Scania, Ducati bikes and others.

Career highlights

Leaving the Volkswagen Supervisory Board – Piëch has usually been very annoying of his personnel and this become additionally the cause for the dismissal of lots of them. His subsequent sufferer become his very own candidate, Martin Winterkorn, CEO. The motives why Piëch refused Winterkorn have been now no longer disclosed. Piëch, however, underestimated his protege. He controlled to win the affection and help of maximum of the personnel, individuals of the supervisory board or even the authorities of Lower Saxony, in Wolfsburg – the capital of Volkswagen. All 5 different individuals of the Supervisory Board voted on April 25, 2015 towards Piëch`s request to put off Winterkorn. Piëch and his spouse Ursula left the organization`s supervisory board. The inventory change reacted to Piëch`s departure via way of means of growing the proportion fee via way of means of 5%.

Since 1984 Ferdinand Piëch become married in a 2nd marriage to Ursula Piëch (* 1956), a former governess of the own circle of relatives. The own circle of relatives has lived in Salzburg because 2002. They have 3 kids together. Piëch has a complete of twelve kids from preceding marriages and relationships. He appreciated Far Eastern way of life and Japanese ethics and become an skilled sailor.

His predominant awards

2011 “Man of the Year” – in step with the American magazine “Automobile Magazine”;
2011 – Title “The maximum vital supervisor because 1971” (“Manager Magazin”, Germany)
2002 – a medal from William Exner, fund of the identical name (Austria);
1999 – “twentieth Century Automotive Manager” (Global Automotive Elections Foundation, USA).

Famous quotes

• “I`m at a distance from Winterkorn”
• “Volkswagen become a most cancers affected person who had given up on himself.”
• “I`ll handiest guillotine whilst I`m positive who it become.”
• “I am the chairman of the supervisory board of Volkswagen AG, I am now no longer the savior of Porsche.”
• “I become usually of the opinion that you may stay with the VW law.”