Currently reading: Porsche boss quits; VW merger on
Wendelin Wiedeking to leave with immediate effect, Porsche says

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.

Andrew Frankel blog: the future is still bright for Porsche

Twitter - follow autocar.co.uk

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.

Wiedeking is credited with taking Porsche from being almost bankrupt when he took over as CEO in 1993 and transforming it into the car maker with the highest profit margins in the world.

Wiedeking’s departure was announced after a meeting of Porsche’s supervisory board.

Volkswagen’s own supervisory board is scheduled to meet at noon today and it's expected to confirm that it will take control of Porsche.

See all the latest Porsche reviews, news and video

Advertisement

Latest business news

99 bmw ix vs mercedes eqs 2022 lead 0 0
From 2024, 22% of a car maker's sales must be BEVs – or it faces a £15,000 fine for every car that does not conform
Editor's letter: EV sales must increase by 50% in 2024 – how?
93 ev charger suppliers under scrutiny podpoint
PodPoint recently switched focus from fast public devices to home and workplace charging
EV charger companies switch tactics in search for elusive profits
Volvo car charging
From 2024, car makers will need to show that 45% of an EV's value originated in the UK or EU to remain tariff-free
EU proposes three-year delay to UK rules of origin tariffs
geneva motor show floor 2018
The Geneva motor show hasn't been held since 2019, due to the pandemic and its after-effects
Geneva motor show 2024: MG confirmed and BYD likely
Add a comment…