FRANKFURT -- Three new representatives of the Porsche and Piech family will take seats on the supervisory board of Porsche Automobil Holding, handing responsibility for Volkswagen Group's oversight to a younger generation.
Porsche Automobil Holding SE, which controls a 52.2 percent voting stake in VW, said in a statement that its board of directors would be extended from six to 10 members at its annual meeting on May 15. The change will allow some fourth-generation members of the clan to gain a seat.
Former Magna International CEO Siegfried Wolf, 60, will also join the board, the statement said.
Hans-Peter Porsche, 77, a grandson of VW Beetle designer Ferdinand Porsche, will resign from the supervisory board, and hand control to Josef Michael Ahorner, Stefan Piech and Peter Daniell Porsche, the company said.
Adding new blood could help spur change, said Philippe Houchois from Jeffries investment analysts. "We believe these changes are important as they clearly maintain a balance of influence among families and they are essential to Porsche SE establishing new leadership and, eventually we think, becoming an agent of change," he said.
Governance at Porsche and Volkswagen was for decades marked by an in-house rivalry between the two clans. Porsche Automobil Holding SE Chairman Wolfgang Porsche has worked to keep relations between the two families harmonious.
Ferdinand Piech, the driving force behind VW for decades, last year cut all ties to the automaker and the family holding company last year.
Of the new appointments, Ahorner, Ferdinand Piech's nephew, is founder and chairman of the supervisory board of the marketing platform Emarsys while Stefan Piech, son of Hans Michel Piech, is director of media company Your Family Entertainment, Munich.
Peter Daniell Porsche is the owner of the holding company PDP Holding GmbH, Salzburg, the company said.
The fourth generation family members will sit on the Porsche Automobil Holding board alongside Wolfgang Porsche, Hans Michel Piech, Ferdinand Oliver Porsche and Hans-Peter Porsche.
Some clan members including Louise Kiesling, Hans Michel Piech, Ferdinand Oliver Porsche and Wolfgang Porsche also sit on the supervisory board of separately listed Volkswagen Group.