Porsche accepts resignation of CEO

• Source: Shanghai Daily
• [07:57 July 24 2009]
• Comments

By Oliver Schmale 

Former Porsche Chief Executive Officer Wendelin Wiedeking, center, embraces his successor as Porsche CEO, Michael Macht, left, as they are watched by former Chief Financial Officer Holger Haerter, during a workers meeting at the Porsche factory in Zuffenhausen near Stuttgart, Germany, on Thursday, July 23, 2009. Porsche chief executive Wendelin Wiedeking is leaving the luxury sports car maker after 16 years at the helm, a move widely expected to clear the way for a merger with Volkswagen AG.
(AP Photo/Daniel Maurer)

The supervisory board of Porsche Automobil Holding SE said yesterday it has voted to accept the resignation of CEO Wendelin Wiedeking with immediate effect.

The statement came after an all-night meeting on the future of the company where the board agreed to seek a capital increase of at least 5 billion euros (US$7.1 billion), and threw its weight behind talks with a Qatar investment fund, according to a spokesman.

"The measure shall create the foundation of building an integrated car manufacturing group with Porsche SE and Volkswagen AG," a company statement said.

Wiedeking will be replaced by Michael Macht, the management board member responsible for production, while personnel chief Thomas Edig will serve as his deputy, the board said.

Holger Haerter, who was responsible for finances, also resigned, it said.

"Wiedeking and Haerter came to the conclusion in the last week that the further strategic development of Porsche SE and Porsche AG would be better when they were no longer the responsible people on the board," the statement said.

Wiedeking and Haerter have agreed to remain available for consultation, the board said. Both also resigned their respective seats at the supervisory board of Volkswagen AG and Audi AG.

"The supervisory board expressed its thanks to both Board members resigning from office for their long lasting work," Porsche said in a statement.