Porsche CEO to step down

Discussion in 'Wall St. News' started by ASusilovic, Jul 23, 2009.

  1. LONDON (MarketWatch) -- Confirming rumors swirling over the last week, Porsche Automobil Holding said Wendelin Wiedeking has agreed to resign as chief executive of the sports car maker he's run since 1992, and wll accept a 50 million euro ($71.2 million) termination fee. Holger Haerter, head of finance, also is leaving and is getting 12.5 million euros. Michael Macht, currently board member of Porsche AG in charge of production and logistics, will be the next CEO, and Thomas Edig, board member in charge of human resources of Porsche AG will become his deputy. Separately, Porsche's board said it will accept preparations for a 5 billion euro capital raising and Qatar's potential investment for a possible deal with Volkswagen AG.


    Wiedeking stepping down is a huge damage to Porsche
  2. Are these guys nuts?
  3. Isn't this just a dynastic battle for succession between the Piechs and the Porsches? With the Wiedeking sorta stuck in the middle as a pawn?

    That was my impression, from what I have read in the papers.
  4. Porsche now part of VAG...

  5. moarla


    VW has names as lamborghini and Bugatti, also Bentley, so why not also Porsche.

    since the owners are cognate, where is the problem?

    And VW is still one of the carmakers that will survive and be stronger after the crisis then bevore...
  6. That´s correct. Piech and Porsche´s are one huge family. I don´t like the idea that Porsche now belongs to Piech´s universe. Porsche´s reputation of exclusivity and independence is damaged badly.
  7. A cheap Porsche for everyone is coming?
  8. VW sucks. I wish they were less successful. Their cars are garbage and their logo is beyond hideous.
  9. You know that the first VW Beetle was designed by Porsche, based on a sketch by Hitler, who I think also came up with the name Volkswagen, if I am not mistaken?
  10. Are you from Detroit? :p
    #10     Jul 23, 2009