According to Reuters, citing Wiedeking’s lawyer, both controlling families of the manufacturer, Porsche and Piech, were prepared to offer the official the highest severance package in Germany’s corporate history, no less than 140 million euros ($199 million).
The aforementioned sum was approved by company’s chairman, Wolfgang Porsche, and by the steering committee, headed by Hans-Michel Piech. Jobst-Hubertus Bauer from the Gleiss Lutz law firm says Wiedeking may have gotten even more than that, had he asked for the full amount stipulated in his contract, scheduled to end in 2012.
"Wiedeking was entitled to get between 170 million and 260 million euros, depending on the results of the fiscal year 2008/09 that ends on July 31, had there been no agreement," Bauer was quoted as saying by the source
Still, Wiedeking left with “only” 50 million euros. Why?
"Wiedeking did not demand this amount. It was an offer presented by the families, but the labor representatives on the supervisory board would not accept it," Bauer added. Most of this sum, as you have read on autoevolution, will be given by Wiedeking to charity.
The German trade union IG Metall confirmed, through the voice of a spokesman that the 140 million euro payment was rejected by labor representatives, which make up for half of the Porsche board.
Wiedeking left Porsche on July 23, because, as the manufacturer said, he has “come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if he is not on board as acting person“.
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