Both CEO and CFO Resign From Porsche Clearing Way For Merger

In a sign that the long tug of war between Volkswagen and Porsche is almost over, the sports car maker announced early Thursday that Wendelin Wiedeking, Porsche’s longstanding chief executive, would step down, clearing the way for a merger of the two companies.

The announcement, made after an extraordinary meeting of Porsche’s supervisory board that began late Wednesday and lasted into the night, said Mr. Wiedeking would be replaced by Michael Macht, another board member until now in charge of production and logistics.

Holger Härter, chief financial officer at Porsche, will also resign immediately, according to the announcement.

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Brembo - 7/23/2009 10:16:19 AM

+3 Boost

I guess Porsche should had treated VW better when they were in control.

WorldofLuxury - 7/23/2009 11:31:14 AM

+1 Boost

How did they mess it up?!

Agent009 - 7/23/2009 1:00:45 PM

+2 Boost

The economy fell away from them before they could take control, all of the sudden they were over extended and could not complete the master plan.

A classic case of focusing on the target so much you forgot about the world around you I guess.

VISO - 7/23/2009 1:22:34 PM

+3 Boost

You are right about that Agen009. Also, not even Wiedeking can take out the likes of Piech, chairman of VAG. Looks like the little fish got to cocky getting too close to the disinterested big fish, and then gulp, the big fish swallows the small fish. Classic tale.