Wendelin Wiedeking to leave with immediate effect, Porsche says
23 July 2009

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

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Mercedes-Benz E-Class Estate
    First Drive
    19 March 2018
    The Mercedes-Benz E-Class could be all the estate car you’ll ever want — or it could be overkill. Let’s see which...
  • Dallara Stradale
    The Stradale is the first road-legel car from Italian motorsport constructor Dallara
    First Drive
    16 March 2018
    The motorsport constructor's first road car is inspired by Lotus minimalism. Does it thrill on road and track?
  • Hyundai i30 N
    Standard spec is good so paint colour is our car’s only option
    First Drive
    16 March 2018
    What’s Hyundai’s first hot hatch and N-brand debutant really like? Let’s find out
  • Porsche Boxster GTS
    This is the new GTS version of the Porsche Boxster
    First Drive
    15 March 2018
    The 718-generation Boxster is our favourite roadster of the moment – so is this new GTS variant worth the extra outlay?
  • BMW 5 Series
    First Drive
    15 March 2018
    The BMW 5 Series is top of the mid-exec pack, but is there still room for a diesel saloon in everyday family life?