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Wiedeking Is Leaving Merging Porsche
Porsche and Volkswagen merge is finally done and there is no more doubt that since now the two companies will work together. The results of the merge changed the head of the Porsche.
Wendelin Wiedeking who felt very confident and did not plan to leave the company till his contract expires in 2012 had to retire. After 16 year career as the Porsche CEO and after raising the auto company from bankrupt position to being one on the world’s most respected brands, Wiedeking left with a severance package of $71.1 million. He did not want the manufacturer to belong to VW and tried to pull all funds possible to remain independent. After the merge became unavoidable, Wiedeking decided to leave.
His helper finance chief of the board of management, Holger P. Harter is quitting the company with a large severance payment too. Both of them plan to spend this money of charity, to ensure “a socially fair development at all Porsche sites”. As for their positions in the Porsche, the men say “the further development of Porsche is better off if they are not on board”.
Michael Macht, Porsche production and logistics chief is taking the position of Porsche AG CEO. Thomas Edig, the head of human resources, is going to be his deputy.
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