Ferdinand Piech net worth 2020

SHORT INTRODUCTION

Ferdinand Karl Piëch (born April 17, 1937, Vienna – August 25, 2019, Rosenheim, Germany) – Austrian-German car manufacturer; Entrepreneurs, designers, managers, and majority shareholders. Chairman of the Supervisory Board of Volkswagen AG (2002-2015) and Man (2007-2015). A member of the Porsche automotive dynasty (direct grandmother founder of the Ferdinand Porsche Dynasty) – has Austrian citizenship.

Early life

He was the third child in the family of Lawyers Anton Pionëch (1894-1952) and his wife Louise Porsche (1904-1999). His father managed the Volkswagen factory in Wolfsburg during the Second World War. Mother is the daughter of a famous car designer and businessman Ferdinand Porsche. Therefore Ferdinand Piëch refers to the “woman” branch of the descendants of one of the automotive industry pioneers.

In 1962 he graduated from the University of Engineering in Zurich, a diploma thesis was dedicated to the design of Formula 1 car engine; Piëch is a Doctor of Honoris Kausani Engineering.

The success of the undisputed Piëch business includes the development of the Volkswagen Group, which he achieved thanks to his offensive strategy. In 2009 he signed a contract to combine Porsche and Volkswagen.

Career

In 1963 Ferdinand got a job as an engineer in Porsche in Stuttgart with his uncle. He then became a technical director. In 1968, Ferdinand spent two-thirds of the Porsche Group’s annual budget on the construction of 25 Porsche 917 Motorsport vehicles, which were designed under his supervision. This amount is needed to take part in the 24-hour race at Le Mans. The family was very unhappy with the Ferdinand budget movement. If a car breaks down, the company will be on the verge of bankruptcy. However, the Porsche 917 is an absolute success and won the legendary auto marathon.

Ferdinand began working in Audi in 1972, where he rose to the top of the career stairs and became the CEO. At that time, Audi produced medium cars. However, Ferdinand managed to change the company to become a premium car manufacturer during his work. He was actively pursuing a policy to introduce various technological innovations – installation of the 5-cylinder engine, all-wheel Quattro system, light aluminum body parts, and other innovations. In 2011, Audi followed Mercedes-Benz in car sales throughout the world of premium vehicles for the first time since it was founded.

In 1993 Ferdinand took over the management of Volkswagen. At that time, the company was in poor condition, posting unprecedented annual losses of more than 1 billion euros. Ferdinand immediately decided to turn off almost all leadership, while not reducing simple workers. Because continued working in various directions, the company’s net profit in 2002 was EUR 2.6 billion.

Overall, the Volkswagen market value increased 15-fold in 22 years. Under Piëch, Volkswagen entered the luxury car industry during his activities (in 1998 the company acquired Bugatti, Bentley and Lamborghini). In 2012, the group controlled 12 brands, including manufacturers of trucks and buses, men, Scania, Ducati motorbikes, and others.

Career spotlight.

Leaving the Volkswagen Supervisory Board – Piëch is always very demanding its employees and this is also the reason for the dismissal of many of them. The next victim is his own candidate, Martin Winterkorn, CEO. The reason why Piëch rejected Winterkorn was not disclosed. Piëch, however, underestimates his students. He won the love and support of most employees, members of the Supervisory Board, and even the lower Saxony Government, in Wolfsburg – the capital of Volkswagen. All five other members of the Supervisory Board voted on April 25, 2015, against Piëch’s request to remove Winterkorn. Piëch and his wife Ursula left the group supervisory board. The Stock Exchange reacts to Piëch departures by increasing stock prices by 5%.

Since 1984 Ferdinand Pionëch married in the second marriage with Ursula Piëch (* 1956), a former family caregiver. The family has lived in Salzburg since 2002. They have three children together. Piëch has a total of twelve children from previous marriages and relationships. He likes far eastern culture and Japanese ethics and is an experienced sailor.

Award & Achievement

2011 “Man of the Year” – According to American Magazine “Automobile Magazine”;
2011 – The title “Most Important Manager Since 1971” (“Manager of Magazin”, Germany)
2002 – Medals from William Exner, Funds with the same name (Austria);
1999 – “20th-century automotive manager” (Global Automotive Election Foundation, USA).

Famous quotes

“I’m in the distance from Winterkorn”
“Volkswagen is a cancer patient who gives upon himself.”
“I’ll just guillotine when I’m sure who it is.”
“I am the chairman of the Volkswagen Ag’s Supervisory Board, I’m not the Savior of Porsche.”
“I always argue that you can live with VW law.”

Net Worth 2020

As of 2020, his estimated net worth is around $1 Billion