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Porsche CEO to Get 100M Euros and Leave

It would appear that reports which surfaced yesterday in German media over a possible departure of Porsche's CEO, Wendelin Wiedeking may have some truth in them after all. A new report, published today by Germany’s Sueddeutsche Zeitung claims that the CEO will receive 100 million euros to leave the company.

The reports say that Wiedeking is targeted by both Porsche and Piech families, the two who control the carmaker. He is being held accountable for Porsche's decline and the ingrate position it finds itself in today.

Having accumulated billion euros worth of debt during a failed attempt to take over VW, Porsche has now no choice than changing roles and becoming, from Volkswagen's major shareholder, its tenth brand.

Yesterday, labor chief Uwe Huek denied the reports and told German television that Wiedeking would stay in office until his contract expires in 2012, despite the fact that Financial Times Deutschland learned that Wiedeking has gone as far as hiring lawyers to advise him on the best way to leave Porsche.

As for the CEO, he was present in Ingolstadt for the celebration ceremonies of Audi's 100th birthday. He told reporters "I am a happy CEO and feel fit and well in the role.” Undoubtedly, he is, yet it would appear that Porsche is not happy he is CEO and doesn't feel good about it.

The CEO may still save his job if he manages to strike a deal with the Qatar fund Porsche is negotiating with. If he does, the money coming from Qatar would ease up the pressure on the German manufacturer.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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