Wiedeking goes…

As wildly predicted, Porsche’s chief executive, Wendelin Wiedeking has resigned, as has the company’s financial director, Holger Haerter.

“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,” Porsche said.

Wiedeking is replaced 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

Dr. Wiedeking was appointed CEO of Porsche AG on October 1 1992. After successfully turning around the company he managed to make the Stuttgart based manufacturer of sporty luxury cars the most profitable car company in the world. In September 2005 Porsche made public a 20 percent stake in common shares of Volkswagen AG. As a consequence Wiedeking joined the VW Supervisory Board in January 2006. After the forming of Porsche Automobil Holding SE in November 2007 he also took over the position of Chairman of the Board of Management in this Holding company that alongside 100 percent in Porsche AG today also owns 50.76 in VW AG.

Holger P. Haerter joined the Stuttgart based company in 1996 as Member of the Board of Management in charge of Financing and Accounting as well as Sourcing. Similar to Wiedeking he sits on the Supervisory Board of Volkswagen AG. In November 2007 he was appointed member of the Board of Management in charge of Finance of Porsche SE and Deputy Chairman of the Board of Management by the Supervisory Board.

Wiedeking receives a handy 50m euro pay-off, although he’s going to use half that for a ‘social foundation’. He said: “Personal reasons but also my responsibility towards society have led to my decision to donate a material amount of money for social purposes.”

Porsche is still, it says, in talks with Qatar over possible investment of around 5billion euro, to enable a merger with Volkswagen.

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