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Porsche Power Shift as Qatar Sheikh Joins Board and Hans-Peter Porsche Retires!

Six-month figures show improvement at the loss making firm.

by on Jan.29, 2010

Keep on truckin' with new Arab leadership and a sedan and SUV as the best sellers.

Porsche Automobil Holding SE’s annual meeting saw economic reality prevail over history, as board member Hans-Peter Porsche 69, retired from office and was immediately replaced by “His Excellency” Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani, 31, as a representative of Qatar Holding LLC, Doha, on the supervisory board of the company.

The changes came at the general meeting held on Friday in the Porsche-Arena in Stuttgart. Qatar’s sovereign wealth fund acquired a 10% voting stake in Porsche last year amid the turmoil of a reckless, leveraged and failed takeover bid of Volkswagen by Porsche that ultimately saw the ouster of Porsche chief executive Wendelin Wiedeking and chief financial officer Holger Haerter.

Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani is the chairman of the board of Qatar Foundation International, USA, and is a member of the boards of Qatar National Bank, of InvestCorp and of Qatar Foundation Endowment Fund.

It appears that the Porsche and Piech families still control 90% of the remaining voting rights.



Other shareholder representatives on the supervisory board of Porsche SE are the chairman, Dr. Wolfgang Porsche, and Dr. Ferdinand Oliver Porsche, Dr. Ferdinand K. Piëch, Dr. Hans Michel Piëch and Prof. Dr. Ulrich Lehner.