Piëch selling most of his Porsche shares

Former Volkswagen chairman Ferdinand Piëch, the grandson of VW Beetle designer Ferdinand Porsche, will sell the majority of his stake in Porsche SE,

the

Financial Times

reported.

Porsche SE is the holding company that controls VW.

Piëch, 79, is one of Porsche's largest individual shareholders. He has agreed to sell a 14.7% stake to other members of the Porsche and Piëch families. Piëch will retain an undisclosed minor stake in the holding company, the

FT

report said.

Piëch “has been increasingly isolated from the rest of the Porsche-Piëch family — who own 52 per cent of VW — since he lost his chairmanship in April 2015 after battling with then chief executive Martin Winterkorn,” the

FT

article said. Six months after Piëch left the chairman's post, the digital emissions scandal erupted at VW, the report noted. (Source:

Financial Times

, April 3, 2017.)