Porsche SE backs VW management after chairman's exit
FRANKFURT, April 25 (Reuters) - Volkswagen (Other OTC: VLKAF - news) 's biggest shareholder Porsche SE backed the carmaker's management after Chairman Ferdinand Piech resigned after losing a leadership row on Saturday (Shenzhen: 002291.SZ - news) .
"We have complete faith in the management of Volkswagen and regret the developments of recent days," Porsche SE Chairman Wolfgang Porsche, who is also Piech's cousin, said in a statement.
He added that Porsche SE, which controls 51 percent of Volkswagen's common stock, would continue to live up to its responsibility as a major shareholder of the carmaker. (Reporting by Maria Sheahan; Editing by Georgina Prodhan)