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Rumorpile: James Murdoch *Could* Become Tesla's Next Chairman
William Maley posted an article in Tesla
Tesla finds itself without a chairman of the board as Elon Musk has stepped down due to a settlement with Securities and Exchange Commission. A possible replacement for Musk could be James Murdoch, chief executive of 21st Century Fox and a member of Tesla's board according to a report from the Financial Times. The SEC is wanting the next chairperson to be independent and not beholden to Musk. Murdoch is the closest thing as he has more financial independence than another candidate, Antonio Gracias. The FT report says Gracias' venture capital firm, Valor Equity Partners was an early investor into Tesla, though it had sold its shares when Tesla had its IPO. Gracias is also a stakeholder in Musk's SpaceX, which clouds his independence. That isn't to say Murdoch's independence is clear either as he is friends with Musk, and has sided with him on a number of decisions. Sources tell the FT that Tesla is also looking outside of the company for a possible replacement. Tesla didn't respond for comment, but Elon Musk took to Twitter last night to respond. "This is incorrect," he wrote. Source: Financial Times (Subscription Required), Bloomberg -
Tesla finds itself without a chairman of the board as Elon Musk has stepped down due to a settlement with Securities and Exchange Commission. A possible replacement for Musk could be James Murdoch, chief executive of 21st Century Fox and a member of Tesla's board according to a report from the Financial Times. The SEC is wanting the next chairperson to be independent and not beholden to Musk. Murdoch is the closest thing as he has more financial independence than another candidate, Antonio Gracias. The FT report says Gracias' venture capital firm, Valor Equity Partners was an early investor into Tesla, though it had sold its shares when Tesla had its IPO. Gracias is also a stakeholder in Musk's SpaceX, which clouds his independence. That isn't to say Murdoch's independence is clear either as he is friends with Musk, and has sided with him on a number of decisions. Sources tell the FT that Tesla is also looking outside of the company for a possible replacement. Tesla didn't respond for comment, but Elon Musk took to Twitter last night to respond. "This is incorrect," he wrote. Source: Financial Times (Subscription Required), Bloomberg View full article
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Progress seems to be going on with Nissan taking a 34 percent stake in Mitsubishi Motors. Japanese business paper The Nikkei reports that Nissan CEO Carlos Ghosn will become the chairman of Mitsubishi Motors once the deal is set. Sources tell the Nikkei that current chairman and president Osamu Masuko has been asked to stay on as president. When reached for comment, spokespeople at Mitsubishi and Nissan declined to comment. However, Masuko has confirmed that he was asked to stay on as president by Ghosn. Masuko went on to say that this would be discussed further tomorrow. Nissan is planning to send four of its directors, including Ghosn to Mitsubishi Motors to right the ship after it was revealed that a number of Mitsubishi vehicles had false fuel economy figures. Ghosn has a track record of bringing beleaguered companies to full heath - Renault in the 1990s and Nissan in the early 2000s. Some analysts believe this is right move. "This is a man who patched up Renault in the 1990s, and he did a lot for Nissan in the 2000s, so I'm sure he looks at Mitsubishi Motors as a new challenge," said CLSA analyst Christopher Richter to Reuters. "He's a turnaround artist. This is what he does best," said Richter. Ghosn at the helm of Mitsubishi Motors' board would "remove an enormous burden from the Mitsubishi group companies." “It’s easier for him to do things he did at Nissan, such as combining platforms, cutting costs and even closing plants. In order to implement such massive restructuring, you need someone as powerful as Ghosn to get things going,” said Koji Endo, a Tokyo-based auto analyst at SBI Securities Co to Bloomberg. Others aren't too keen. “I think he has enough work to be done at both Renault and Nissan. He should also spend all his time in these two companies rather than taking on another job in Japan,” said Hans-Peter Wodniok, a Frankfurt-based analyst with AlphaValue. Source: Nikkei, (2), Reuters, Bloomberg -
Progress seems to be going on with Nissan taking a 34 percent stake in Mitsubishi Motors. Japanese business paper The Nikkei reports that Nissan CEO Carlos Ghosn will become the chairman of Mitsubishi Motors once the deal is set. Sources tell the Nikkei that current chairman and president Osamu Masuko has been asked to stay on as president. When reached for comment, spokespeople at Mitsubishi and Nissan declined to comment. However, Masuko has confirmed that he was asked to stay on as president by Ghosn. Masuko went on to say that this would be discussed further tomorrow. Nissan is planning to send four of its directors, including Ghosn to Mitsubishi Motors to right the ship after it was revealed that a number of Mitsubishi vehicles had false fuel economy figures. Ghosn has a track record of bringing beleaguered companies to full heath - Renault in the 1990s and Nissan in the early 2000s. Some analysts believe this is right move. "This is a man who patched up Renault in the 1990s, and he did a lot for Nissan in the 2000s, so I'm sure he looks at Mitsubishi Motors as a new challenge," said CLSA analyst Christopher Richter to Reuters. "He's a turnaround artist. This is what he does best," said Richter. Ghosn at the helm of Mitsubishi Motors' board would "remove an enormous burden from the Mitsubishi group companies." “It’s easier for him to do things he did at Nissan, such as combining platforms, cutting costs and even closing plants. In order to implement such massive restructuring, you need someone as powerful as Ghosn to get things going,” said Koji Endo, a Tokyo-based auto analyst at SBI Securities Co to Bloomberg. Others aren't too keen. “I think he has enough work to be done at both Renault and Nissan. He should also spend all his time in these two companies rather than taking on another job in Japan,” said Hans-Peter Wodniok, a Frankfurt-based analyst with AlphaValue. Source: Nikkei, (2), Reuters, Bloomberg View full article
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Volkswagen's recent shareholder meeting could be best described as discordant as many shareholders spewed venom at various Volkswagen executives - most being laid on Volkswagen AG Chairman Hans Dieter Poetsch. Bloomberg reports that shareholders grilled various executives on the handling of the diesel emission scandal. Poetsch received the brunt of the criticism with many shareholders expressing concerns of him overseeing the internal investigation of a mess that began when he was the company's CFO. “You are a conflict of interest personified,” said Markus Dufner, managing director of the German Association of Ethical Shareholders meeting. The meeting also featured shouting, arguing, and shareholders trying to remove Poetsch as the chairman of the meeting (which didn't happen). To be fair to the shareholders, it hasn't been a good week for Volkswagen. On Monday, Reuters learned that German prosecutors were investigating former Volkswagen CEO Martin Winterkorn and an unidentified executive on market manipulation before the scandal broke. It was revealed later in the week the unidentified executive was Volkswagen Brand Chief Herbert Diess. Yesterday it was revealed that German financial watchdog Bafin filed a complaint with German prosecutors saying the previous management board should be investigated for how long it took the company to disclose the scandal. So while the fires are dying down on one coast, they are only beginning to heat up on another. Source: Bloomberg, Reuters -
Volkswagen's recent shareholder meeting could be best described as discordant as many shareholders spewed venom at various Volkswagen executives - most being laid on Volkswagen AG Chairman Hans Dieter Poetsch. Bloomberg reports that shareholders grilled various executives on the handling of the diesel emission scandal. Poetsch received the brunt of the criticism with many shareholders expressing concerns of him overseeing the internal investigation of a mess that began when he was the company's CFO. “You are a conflict of interest personified,” said Markus Dufner, managing director of the German Association of Ethical Shareholders meeting. The meeting also featured shouting, arguing, and shareholders trying to remove Poetsch as the chairman of the meeting (which didn't happen). To be fair to the shareholders, it hasn't been a good week for Volkswagen. On Monday, Reuters learned that German prosecutors were investigating former Volkswagen CEO Martin Winterkorn and an unidentified executive on market manipulation before the scandal broke. It was revealed later in the week the unidentified executive was Volkswagen Brand Chief Herbert Diess. Yesterday it was revealed that German financial watchdog Bafin filed a complaint with German prosecutors saying the previous management board should be investigated for how long it took the company to disclose the scandal. So while the fires are dying down on one coast, they are only beginning to heat up on another. Source: Bloomberg, Reuters View full article
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Breaking news coming out of Germany today as Volkswagen Chairman and grandson of the company's founder, Ferdinand Piëch announced his resignation after losing a public battle to try an oust Volkswagen's chief executive, Martin Winterkorn. "The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists," said Volkswagen's Supervisory Board in a statement today. "For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group." The battle began earlier this month when Piëch told German publication Der Spiegel: “I am at a distance to Winterkorn.” In other words, your time is up. But Volkswagen's supervisory board weren't taking the bait. "The executive committee of the supervisory board of Volkswagen AG states that prof. Dr. Winterkorn is the best possible chairman of the board of management for Volkswagen,” the board said in a statement a few days after Piëch's comment. Piëch's comment came as a surprise to many, but some believe it has merit. Volkswagen has been having a number of problems ranging from a lack of vision for the future, to struggling in the American marketplace. Piëch pulled this same stunt back in 2006 when he attacked then-CEO Bernd Pischetsrieder. Although Pischetsrieder was awarded an extension on his contract and got a sudo-apology from Piëch, he was ousted six months after the attack. Piëch's resignation ends an era at Volkswagen where helped bring the company as a major player in the industry. For the time being, Berthold Huber will assume interim leadership of the board till a new chairman is found. Source: Wall Street Journal (Subscription Required), Car and Driver, Volkswagen Press Release is on Page 2 Wolfsburg, 2015-04-25 Statement of the Executive Committee of the Supervisory Board of Volkswagen AG The Executive Committee of the Supervisory Board of Volkswagen AG discussed again today in detail the situation of the Volkswagen Group. 1. The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists. 2. For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group. In addition, Ms. Ursula Piëch has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. 3. The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman Berthold Huber. Mr. Berthold Huber will chair both the Supervisory Board meeting on May 4 as well as the Annual General Meeting on May 5, 2015. 4. Under the chair of Mr. Berthold Huber the representatives of shareholders and employees will in close cooperation determine the candidate for the new Chairman of the Supervisory Board. The election of the future Chairman of the Volkswagen Supervisory Board will follow a proposal made by members of the Supervisory Board representing shareholders. -
Breaking news coming out of Germany today as Volkswagen Chairman and grandson of the company's founder, Ferdinand Piëch announced his resignation after losing a public battle to try an oust Volkswagen's chief executive, Martin Winterkorn. "The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists," said Volkswagen's Supervisory Board in a statement today. "For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group." The battle began earlier this month when Piëch told German publication Der Spiegel: “I am at a distance to Winterkorn.” In other words, your time is up. But Volkswagen's supervisory board weren't taking the bait. "The executive committee of the supervisory board of Volkswagen AG states that prof. Dr. Winterkorn is the best possible chairman of the board of management for Volkswagen,” the board said in a statement a few days after Piëch's comment. Piëch's comment came as a surprise to many, but some believe it has merit. Volkswagen has been having a number of problems ranging from a lack of vision for the future, to struggling in the American marketplace. Piëch pulled this same stunt back in 2006 when he attacked then-CEO Bernd Pischetsrieder. Although Pischetsrieder was awarded an extension on his contract and got a sudo-apology from Piëch, he was ousted six months after the attack. Piëch's resignation ends an era at Volkswagen where helped bring the company as a major player in the industry. For the time being, Berthold Huber will assume interim leadership of the board till a new chairman is found. Source: Wall Street Journal (Subscription Required), Car and Driver, Volkswagen Press Release is on Page 2 Wolfsburg, 2015-04-25 Statement of the Executive Committee of the Supervisory Board of Volkswagen AG The Executive Committee of the Supervisory Board of Volkswagen AG discussed again today in detail the situation of the Volkswagen Group. 1. The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists. 2. For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group. In addition, Ms. Ursula Piëch has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. 3. The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman Berthold Huber. Mr. Berthold Huber will chair both the Supervisory Board meeting on May 4 as well as the Annual General Meeting on May 5, 2015. 4. Under the chair of Mr. Berthold Huber the representatives of shareholders and employees will in close cooperation determine the candidate for the new Chairman of the Supervisory Board. The election of the future Chairman of the Volkswagen Supervisory Board will follow a proposal made by members of the Supervisory Board representing shareholders. View full article
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Ferrari's long standing chairman Luca di Montezemolo announced today that he will step down from the company on October 13th. Taking his place for the time being will be Fiat Chrysler Automobiles CEO Sergio Marchionne. Montezemolo has a long and storied career at Fiat and Ferrari. He started at Fiat before moving to the prancing horse in 1973. There he became Enzo Ferrari's assistant. A year later, he was named head of the Scuderia (racing division) the following year. Montezemolo worked hard and helped the team reach great success. Because of his efforts with Scuderia, he was name head of Fiat's racing activities. In 1991, Montezemolo was named chairman of Ferrari. However, Montezemolo and Marchionne have been clashing over a number of issues. The two biggest issues are Ferrari's F1 team not claiming a championship since 2008 (or a win this year), and where the brand stands under FCA. "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group." said Montezemolo in a statement. "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003. One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally," said Marchionne. Source: Ferrari William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Montezemolo quits Ferrari, Fiat CEO Sergio Marchionne to become new Chairman Luca Cordero di Montezemolo has announced his intention to resign as Chairman of Ferrari with effect from October 13th following completion of Ferrari's celebration of 60 years in America. Fiat CEO, Sergio Marchionne, will take over as Chairman of Ferrari. Since 1991, Ferrari achieved significant results under Montezemolo's chairmanship in terms of both financial performance and its standing in the world of racing. Under his leadership, Ferrari boasted a world-class team and numerous record-setting achievements. "On behalf of my family and myself, I would like to thank Luca for all he has done for both Fiat and Ferrari", said Fiat Chairman, John Elkann. He held several key positions with the Group, including serving as Chairman of Fiat from 2004 to 2010, and we shared many challenging but also rewarding moments. Luca leaves us with my most sincere and heartfelt wishes for his future professional endeavors and the hope, I am certain shared by us both, that Ferrari will return to victory very soon." "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003", said Fiat CEO, Sergio Marchionne. "One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally." Statement from Ferrari Chairman Luca di Montezemolo "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group. This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s. My thanks, first and foremost, to the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world. They were the real architects of the company's spectacular growth, its many unforgettable victories and its transformation into one of the world's strongest brands. A warm farewell and my thanks also to all of our technical and commercial partners, our dealers across the globe and, most particularly, the clients and collectors whose passion I so wholeheartedly share. But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia's most difficult moments. Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life. I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves." Maranello, 10th September 2014. Turin, 10 September 2014 -
Ferrari's long standing chairman Luca di Montezemolo announced today that he will step down from the company on October 13th. Taking his place for the time being will be Fiat Chrysler Automobiles CEO Sergio Marchionne. Montezemolo has a long and storied career at Fiat and Ferrari. He started at Fiat before moving to the prancing horse in 1973. There he became Enzo Ferrari's assistant. A year later, he was named head of the Scuderia (racing division) the following year. Montezemolo worked hard and helped the team reach great success. Because of his efforts with Scuderia, he was name head of Fiat's racing activities. In 1991, Montezemolo was named chairman of Ferrari. However, Montezemolo and Marchionne have been clashing over a number of issues. The two biggest issues are Ferrari's F1 team not claiming a championship since 2008 (or a win this year), and where the brand stands under FCA. "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group." said Montezemolo in a statement. "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003. One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally," said Marchionne. Source: Ferrari William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Montezemolo quits Ferrari, Fiat CEO Sergio Marchionne to become new Chairman Luca Cordero di Montezemolo has announced his intention to resign as Chairman of Ferrari with effect from October 13th following completion of Ferrari's celebration of 60 years in America. Fiat CEO, Sergio Marchionne, will take over as Chairman of Ferrari. Since 1991, Ferrari achieved significant results under Montezemolo's chairmanship in terms of both financial performance and its standing in the world of racing. Under his leadership, Ferrari boasted a world-class team and numerous record-setting achievements. "On behalf of my family and myself, I would like to thank Luca for all he has done for both Fiat and Ferrari", said Fiat Chairman, John Elkann. He held several key positions with the Group, including serving as Chairman of Fiat from 2004 to 2010, and we shared many challenging but also rewarding moments. Luca leaves us with my most sincere and heartfelt wishes for his future professional endeavors and the hope, I am certain shared by us both, that Ferrari will return to victory very soon." "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003", said Fiat CEO, Sergio Marchionne. "One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally." Statement from Ferrari Chairman Luca di Montezemolo "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group. This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s. My thanks, first and foremost, to the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world. They were the real architects of the company's spectacular growth, its many unforgettable victories and its transformation into one of the world's strongest brands. A warm farewell and my thanks also to all of our technical and commercial partners, our dealers across the globe and, most particularly, the clients and collectors whose passion I so wholeheartedly share. But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia's most difficult moments. Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life. I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves." Maranello, 10th September 2014. Turin, 10 September 2014 View full article
