It’s a sad day for Porschephiles as we close a pretty dang exciting chapter in Porsche’s history today. Last night (US time) Wendelin Wiedeking resigned as CEO of Porsche. We’ve heard rumblings of this for the past few weeks and lots of speculation indicating it was inevitable. You still hope those things won’t actually end up happening though.
Wiedeking was said to be Germany’s best paid CEO, and is supposed to get 50 million euros in severance pay ($70 million give or take). German press reports are saying he could end up with as much as 250 million euros. He’s planning on giving half of his 50 million euros to a social foundation to aid Porsche workers and aging journalists in need.
Porsche states that Michael Macht, Porsche Production Chief, will succeed Wiedeking as CEO.
Meanwhile the Porsche-VW-Qatar-Unknown Investors saga continues. Sounds like the way is paved for VW to buy Porsche’s core auto manufacturing unit with Qatar investing in the integrated company. Either way it looks like we’re seeing the end of Porsche as an independent automaker.