And the rumors turn out to be true after all. In a somewhat "covert" press release, German manufacturer Porsche announced today that Wendelin Wiedeking, the company's CEO and Holger Haerter, "agreed upon their dismissal", a move which will come into effect immediately. Furthermore, both have resigned from the position they held within he Supervisory Board of Volkswagen AG and Audi AG as well.
"In the last weeks Wiedeking and Haerter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on board as acting persons. They both see that step as a significant contribution to the appeasement of the situation and to support the forming of an integrated car manufacturing company. Both gentlemen will accompany the handover at the Board of Management level positively and support their respective successor in their tasks," the company said in the release.
Wendelin Wiedeking will be succeeded by Michael Macht, currently Board member of Porsche AG in charge of Production and Logistics. Thomas Edig, Board member in charge of Human Resources of Porsche AG will become his deputy. This doesn't mean that the work Wiedeking has to do for Porsche is over. He and Haerter "will provide advice to both companies (make themselves available for serving both companies as consultants) as wished by the Supervisory board."
Wiedeking's severance package amounts to 50 million euros, while Haerter will receive 12.5 million. Both waived rights deriving from their current contracts, originally set to end in 2012.
Wiedeking has been with Porsche as its CEO since 1992. Although the company did not say why the CEO has been canned, rumors point to the troubled financial situation in which the company now finds itself in.
"In the last weeks Wiedeking and Haerter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on board as acting persons. They both see that step as a significant contribution to the appeasement of the situation and to support the forming of an integrated car manufacturing company. Both gentlemen will accompany the handover at the Board of Management level positively and support their respective successor in their tasks," the company said in the release.
Wendelin Wiedeking will be succeeded by Michael Macht, currently Board member of Porsche AG in charge of Production and Logistics. Thomas Edig, Board member in charge of Human Resources of Porsche AG will become his deputy. This doesn't mean that the work Wiedeking has to do for Porsche is over. He and Haerter "will provide advice to both companies (make themselves available for serving both companies as consultants) as wished by the Supervisory board."
Wiedeking's severance package amounts to 50 million euros, while Haerter will receive 12.5 million. Both waived rights deriving from their current contracts, originally set to end in 2012.
Wiedeking has been with Porsche as its CEO since 1992. Although the company did not say why the CEO has been canned, rumors point to the troubled financial situation in which the company now finds itself in.