Today’s demise of Wendelin Wiedeking as Porsche chairman is no surprise – the news has been trailed on-and-off for weeks. But the reason for his resignation still comes as a major shock.

Of all the car industry bosses to mis-calculate a financial or strategic deal, you would guess that Wiedeking would be the last to fall into that trap. But that’s what exactly has happened — the disastrous hostile takeover of VW that’s saddled Porsche with £10b of debt has cost the boss his job.


Andrew Frankel blog: the future is still bright for Porsche

VW set to takeover Porsche 

Porsche boss quits; VW merger is on 

The most interesting fact here is that Wiedeking set himself up as a critic of the financial excesses of takeover capitalism, using the key note speech at the Autocar awards in 2005 to lay into city financiers circling Volkswagen.

Porsche had just bought a share in VW, a strategy that he explained as a defensive position to protect one of its major suppliers. “Some major funds had already started to kick around VW and they have been thwarted,” he proudly announced.