Ferdinand Piech, the longtime overlord of Volkswagen – the largest automobile manufacturer in Europe and second largest in the world behind Toyota – has left the company after losing a power struggle with current CEO Martin Winterkorn. The 78-year-old Piech is the grandson of Ferdinand Porsche, the inventor of the original Beetle, and has been involved with Volkswagen for more than 50 years in various roles and was most recently chairman of the board of the company.
Piech’s departure lends credence to speculation that Volkswagen/Porsche may consider entering Formula One as the primary reason the company had abstained was due to Piech’s longtime feud with F1 chief, Bernie Ecclestone.