• Germany's news in English
 
app_header_v3

Porsche boss and finance chief step down

AFP · 23 Jul 2009, 08:33

Published: 23 Jul 2009 08:33 GMT+02:00

Stuttgart-based Porsche said in a statement that an agreement on the resignations had been reached with the supervisory board and that Wiedeking - said to be the best-paid boss in Germany - would get a golden parachute worth €50 million, of which half was to go to a "social foundation."

Porsche's current production chief Michael Macht, 48, is to succeed Wiedeking, who together with Härter was the architect of Porsche's bid to take over Volkswagen (VW), Europe's biggest automaker.

Porsche currently owns nearly 51 percent of the shares in VW, with which it has been in conflict for several months.

The statement said Wiedeking and Härter considered the step "a significant contribution to the appeasement of the situation and to support the forming of an integrated car manufacturing company" with Volkswagen.

A power struggle between Wiedeking and the head of VW's supervisory board, Ferdinand Piech, had tarnished both companies, and was said to be blocking an investment deal with the Gulf state of Qatar.

Late Wednesday, the Porsche supervisory board approved Wiedeking's plans for a capital increase of at least €5 billion, and talks with Qatar over an additional capital injection.

The measures should allow Porsche to pay off at least part of its estimated €10 billion in debt.

But Porsche, which is owned by the Porsche and Piech families, finally decided to jettison Wiedeking and Härter, saying that the two directors had also "come to the conclusion that the further strategic development of Porsche... is better off, if they are not on board as acting persons."

In a separate statement, Wiedeking said he would give a large part of his severance package to charities, saying the decision was based on "personal reasons and (my) responsibility to society."

Story continues below…

He planned to create a foundation to aid in the development of "socially just" production sites for Porsche in cooperation with the company's works council.

Around €1.5 million was also to be donated to foundations that help journalists in need.

Your comments about this article

Today's headlines
Naked swimmer hospitalized after angler hooks his penis
File photo: DPA

When a man swimming naked in a Bavarian lake felt a strange pain in his nether regions, he looked up to see a fisherman on the shore. "Don’t pull!" he shouted.

Study finds rival Rhineland beers 'actually taste the same'
Left: Altbier. Right: Kölsch. Or can you even tell? Photos: DPA.

Cologne and Düsseldorf have a long established rivalry, not least over who has the better home brew. So the results of a new study might be more than they can swallow.

Eastern Europe pushes Germany for joint EU army
Angela Merkel (l), Beata Szydlo and Victor Orban. Photo: DPA

Eastern EU countries on Friday pushed for the bloc to create a joint army as they met with Germany for talks on sketching Europe's post-Brexit future.

Merkel’s party mate wants to get rid of all Karl Marx streets
Karl Marx and one of the roadways in Berlin named for him. Photos: Wikimedia Commons, Nicor

Hundreds of streets are named after the founder of communism, but this conservative politician wants to give Marx the boot.

State elections
6 reasons why Berlin is now known as 'the failed city'
Photo: DPA

With state elections around the corner, The Local looks at the poor side of Germany's "poor but sexy" capital city.

Upstarts RB Leipzig plan to go right to top of Bundesliga
RB Leipzig players celebrate scoring against Dynamo Dresden. Photo: DPA

RB Leipzig make their Bundesliga debut on Sunday, but the East German outfit, sponsored by energy drinks manufacturer Red Bull, are already far from popular in Germany's top-flight.

Poland criticizes Germany’s 'self-serving' foreign policy
Witold Waszczykowski. Photo: DPA

The Polish foreign minister has said that Germany all too often follows its own interests at the expense of its partners, as Chancellor Angela Merkel prepares to visit Warsaw.

Vast majority of Germans in favour of burqa ban: poll
Women wearing niqab veils in Saudi Arabia. Photo: DPA.

A survey found that the vast majority of respondents were in favour of Germany passing a ban on the full-body veil sometimes worn by Muslim women.

Czech police detain driver for harassing Merkel's motorcade
Angela Merkel. File photo: DPA

Czech police arrested a man on Thursday for attempting to drive into the motorcade of visiting German Chancellor Angela Merkel in Prague, they said.

Teacher convicted for holding kids back after class
Photo: DPA

A music teacher from North Rhine-Westphalia (NRW) has been found guilty of "holding people against their will" after he made some naughty stay kids back after class.

Sponsored Article
Why you should attend an international job fair
Gallery
Germany's 17 Olympic gold medals in pictures
Sponsored Article
Why expats choose international health insurance
Culture
7 American habits that make Germans very, very uncomfortable
Rhineland
Story of a fugitive cow who outwitted police for weeks before capture
Sponsored Article
Why you should attend an international job fair
Culture
Eleven famous Germans with surnames that'll make your sides split
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
Lifestyle
The best ways to get a visa as an American in Germany
14 facts you never knew about the Brandenburg Gate
Society
Ten times Germans proved they really, really love beer
Sponsored Article
Why Jordan is the ‘Different’ East
Lifestyle
What's on in Germany: events for August 2016
Sponsored Article
Five things Americans should know about voting abroad
National
Six things you need to know when moving to Germany
Travel
These 10 little-known German towns are a must see
Sponsored Article
Jordan Pass: your ticket to the experience of a lifetime
International
German scientists prove birds can sleep while flying
Sponsored Article
Jordan: where history meets adventure
Technology
London v. Berlin: Which is better for startups?
Lifestyle
13 mortifying mistakes German learners always make
Sponsored Article
6 reasons expats use TransferWise to send money
Travel
Enter if you dare: Berlin's best abandoned haunts
Sponsored Article
Why you should attend an international job fair
Lifestyle
10 rookie errors all Brits make when they arrive in Germany
Sponsored Article
Five things Americans should know about voting abroad
National
How to get German citizenship (or just stay forever)
Sponsored Article
Jordan: where history meets adventure
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Sponsored Article
6 reasons expats use TransferWise to send money
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Features
Six odd things Germans do in the summer
Features
How two gay dads cut through German red tape to start a family
8,653
jobs available
Toytown Germany
Germany's English-speaking crowd