Porsche's chief executive officer Wendelin Wiedeking has stepped down from his role, paving the way for a merger between Porsche and Volkswagen.
Wiedeking, 56, and Porsche's chief financial officer Holger Haerter will leave with immediate effect, Porsche said in a statement.
Wiedeking, who has worked at Porsche for 16 years, is viewed by many as the man who led the company into its disasterous attempts to buy VW.
Borrowing heavily to accumulate VW shares, Porsche fell into a reported 10 billion Euros (£8 billion)of debt and was brought to the brink of financial ruin by the repayments.
Wiedeking is reported to be taking a severance package worth around £80 million to leave. While at the company his salary was based on 0.9 per cent of Porsche's pre-tax profit, meaning he earned around £65 million last year.