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.



Source - Automobile evolution

 

Hilarious photo of the guy, but that's not a bad deal, really. If I were him, I'd take the money and run.

 

That mornic little chimp should have to pay 100M if Porsche loses its independence. One of the very last premium brands that isn't into some corporate conglomerate ... and he had to ruin it by being a greedy idiot. Buying VW, ridiculous. How about spending more on design and less on flawed financial operations?

 

This is the guy that made Porsche what it is today, just because the economy is in the slump he is to blame? He took them and made them the most profitable auto manufacturer. He was rated one of top CEOs of our time when the economy was good. Hypocrites everywhere.

 

+1 Bottom line is Wendy was GREAT for Porsche. HE DID however take it a bit too far at the wrong time. Had he pulled this VW thing off he would probably go down as the best auto CEO of all time. Unfortunately he didnt....

Either way, very very smart man and gets nothing but from me!

Porsche will be fine one way or another

 

he did a good job as CEO so he's going to be rewarded for it but he's being launched because Piech & Co are going to run the place the way they want- clean slate

this is better than any soap opera

 

He did great things for Porsche.

Side note...A little freaky. Wendy looks very much like my grandfather, God rest his soul.

He's so chipper in that pic. haha

 

As russel peters says in his indian accent: "take it and go"