Word: piech
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Dates: during 2000-2009
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...they delivered an outsized 27% of its $5.4 billion operating profits. And VW clearly aims higher: around one-third of its $1.6 billion global ad budget is spent in the U.S. The man in charge of revving up Volkswagen is CEO Bernd Pischetsrieder, who took over from domineering Ferdinand Piech in April 2002. A personable, goateed man who ran BMW from 1993 to 1999, Pischetsrieder, 55, knows he must do something to shake up the company's North American sales. But he is pursuing a risky strategy inherited from Piech - pushing his flagship brand into the U.S. luxury arena, where...
Just down the autobahn in Wolfsburg, however, Volkswagen has built a theme park that is drawing twice as many visitors as expected, along with rave reviews. Autostadt, or Auto City, is the brainchild of VW chairman Ferdinand Piech. Conceived as a place for VW customers to pick up their new cars, the center quickly grew into the EuroDisney of the automobile. Unlike other theme-park planners, Piech never intended Autostadt to become profitable. The $400 million cost was written off as a marketing expense. Piech hopes Autostadt's revenues will cover its operating expenses next year...