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Martin Winterkorn

January 11, 2016

A next gen is appointed at resort and spa group Banyan Tree; International Hospital Group announces a partnership in China; and Volkswagen's Martin Winterkorn continues to take home a large pay packet.

Banyan Holdings
After taking a break from the family business to set up her own company, Ho Ren Yung, daughter of Banyan Tree Holding’s founder and executive chairman Ho Kwon Ping, has been appointed director of the company’s group retail operations.

Listed in Singapore, the luxury resort group began as a boutique hotel in Thailand and has grown into an international hospitality brand with over 150 resorts, spas and retail galleries worldwide.

September 25, 2015

Martin Winterkorn may have survived an attempted leadership coup in April, which pitted third-generation chairman against non-family executive, but the Volkswagen CEO did not prove so resilient in the face of the corporate scandal currently rocking the carmaker.

Martin Winterkorn may have survived an attempted leadership coup in April, which pitted third-generation chairman against non-family executive, but the Volkswagen CEO did not prove so resilient in the face of the corporate scandal currently rocking the carmaker.

Today the family business is reportedly set to announce that Matthias Mueller, who current heads the company’s luxury Porsche brand, will take over the entire group.

Winterkorn had worked at Volkswagen since 1993, serving as CEO for the last eight years.

September 22, 2015

Family-controlled carmaker Volkswagen has admitted it deliberately tampered with thousands of its cars’ emission testing software to deceive US environmental authorities.

Family-controlled carmaker Volkswagen has admitted it deliberately tampered with thousands of its cars’ emission testing software to deceive US environmental authorities.

It faces an initial fine of $18 billion for the 11 million cars affected, equivalent to its net annual profits, but if further investigations find the rigging is more widespread this could rise.

The German carmaker posted revenues of €197 billion in 2013.

August 1, 2014

German family businesses are feeling the pinch from Russia’s confrontation with the West, particularly carmaker Volkswagen, who has reported an 8% year-on-year decrease in Russian sales. 

German family businesses are feeling the pinch from Russia’s confrontation with the West, particularly carmaker Volkswagen, who has reported an 8% year-on-year decrease in Russian sales.

With further sanctions on the horizon, Volkswagen, controlled by the Piech family, is just one of approximately 6,000 German family businesses operating in Russia that are expected to suffer from the incoming “level three” sanctions.

September 10, 2013

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

He made the statement to reporters at the Frankfurt car show in response to reports last week that company chief executive Martin Winterkorn was soon to takeover.

Piech’s contract, extended last year, runs into 2017.

It was rumoured that Volkswagen finance chief Hans Dieter Poetsch would replace Winterkorn until a longer-term solution was found.

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