• 07Aug

    Offers for the resignation of Wendelin Wiedeking as Porsche CEO might be as high as $141 million so the Volkswagen merger may push through. This is according to an earlier report by a German newspaper.

    The chief of the union of Porsche Uwe Hueck clarifies that no decision has been made if Wedeking will be replaced by Michael Macht who served as the past production chief of the car maker.

    The payoff has been generating a loud buzz around the auto industry but it has not been confirmed that such a deal will push through. The CEO has been under the microscope for allowing the holding company to accumulate debts of approximately $12.7 billion while attempting to takeover VW.

    Wendelin Wiedeking

    Wendelin Wiedeking

    Wiedeking also opposed the plans of VW to take a 50% stake at Porsche to ease the company of its financial burdens.

    The CEO has been the top man for Porsche since 1993 and has transformed the company from its laggard state to a profitable one until the recent financial crisis.

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