Porsche CEO steps down
Porsche CEO Wendelin Wiedeking and financial director Holger P. Haerter have resigned from their positions "with immediate effect."
Wiedeking will receive 50 million euros ($71 million) in compensation, while Haerter will receive 12.5 million euros.
The German luxury automaker announced the shake-up after a meeting of its supervisory board that went on late into Wednesday night.
"The ultimate goal is to lay the foundations for creating an integrated car manufacturing company from Porsche SE and Volkswagen AG," Porsche Automobil Holding said in Wednesday's statement.
The news comes as Porsche and Volkswagen have been locked in a public power struggle concerning competing visions … Read more
