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

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.

Under the leadership of Wideking, the pre-tax earnings of Porsche shoot up from 4 billion Euros to about 5.9 billion Euros in 2008. The figures were still set to climb until the credit crunch.

The compensation package being offered for Wiedeking to quit is commensurate to his earnings as Porsche CEO. He is receiving the highest salary in the auto industry which was pegged at $89 million per year in 2007.

There is no final move yet as Porsche considers its moves and offers from parties like Volkswagen and Qatar.