Porsche accepts resignation of CEO

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

"The board has offered Dr Wiedeking compensation for the termination of his contract, originally maturing 2012, of 50 million euros. Wiedeking accepted this proposal."

The company said Haerter accepted 12.5 million euros, though both executives might see more compensation through other agreements or bonuses.

Charity donations

Wiedeking released a personal statement through Germany-based Porsche in which he outlined a number of charities to which he would donate significant amounts of money. Furthermore, the statement said he had plans for establishing another charitable organization which will aim to support social development at Porsche locations.

The talks with Qatar have been ongoing, and spokesman Albrecht Bamler said the supervisory board agreed to give the go-ahead for Porsche to sign a deal with a Qatar fund.

Bamler refused further details, and would not say whether the 5 billion euro capital increase would come from Qatar, or if it was in addition to what was being sought from the fund.

Porsche is now grappling with some 9 billion euros in debt it accumulated while building up its Volkswagen stake.