Reports suggest Wendelin Wiedeking will bow to pressure and quit this week
22 July 2009

Porsche CEO Wendelin Wiedeking is likely to bow to pressure from the Porsche family and step down from the role, according to reports from Germany.

Wiedeking has been under increasing pressure to step down as CEO after allowing Porsche to run up a €9 billion debt (£7.8 million) and resisting calls for a merger with VW.

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The reports from Germany suggest a deal between Wiedeking and the Porsche family for him to step down had already been agreed, and a formal decision will be taken at Thursday’s board meeting.

Porsche has not confirmed these reports and a spokesman said Wiedeking was due to present his proposal for a future business concept at Thursday’s meeting.

Reports over the weekend claimed that an agreement between Porsche and VW had been reached, but a €3 billion (£2.5 billion) tax bill which would accompany the takeover was likely to be a deal-breaker.

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