POAHY Porsche Automobile Holding SE (PK)

   By Pietro Lombardi 
 

Porsche Automobil Holding SE (PAH3.XE) will expand its supervisory board, it said Friday.

The company, which controls about 52% of the voting rights of Volkswagen AG (VOW.XE), will enlarge the board to 10 members from six.

The supervisory board put up for election Marianne Heiss, chief financial officer of BBDO Group Germany, Josef Michael Ahorner, Stefan Piech and Peter Daniell Porsche.

Hans-Peter Porsche will leave the supervisory board after the upcoming general meeting, the company said.

"The objective is to strengthen the supervisory board by adding more fourth-generation family members as well as additional external experts," Porsche said in a statement.

Earlier on Friday, the company said that it would raise the total 2017 dividend payout to about 538 million euros ($665.4 million), up from EUR308 million in the previous year.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

March 09, 2018 12:50 ET (17:50 GMT)

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