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.
Wasn’t he credited for saving Porsche from bankruptcy in the 90’s?
I was hoping to win Powerball, but now my new goal is to get a severance package from Porsche – they’re not messing around! I think it’s great that he is giving a chunk of his wealth away as well, but they have some funny charities in Germany. A social foundation to aid Porsche workers and aging journalists sounds like something Kramer would convince Jerry to donate to a la the Krakatoa Volcano Relief Fund (the aging journalists part at least), “I thought it was a legitimate charity!” In all honesty though, good for him.
The Boxster,Cayman, The “GT” 911`s and the CGT…all under his watch. Known also to be a less than stuffy CEO with a sense of humor in the workplace.
looks like the writings on the wall.hope things don’t change too much.
I really hope that Macht can come close to matching the legacy Wiedeking left behind. He surely was accredited for turning around Porsche in the 90s and the recent quality improvements from the 04/05s on with the 997s, 987s et al. He most certainly is stepping in where the opportunity is ripe. Hopefully his previous tenure with Porsche lies him in good ties with both side of the family. I think this will be very key in moving forward in a positive direction, especially under the VW group.
ive been through a couple mergers myself (both times with the company being acquired) and no matter what they say – things change. for me, once was for the better and once for the worse.
so who really knows how this will turn out.
I like the fact that he’ll donate money to a foundation
to help support Porsche factory workers.
I hope that’s true.
I wish companies would stop being swallowed up by
these huge conglomerates. I think their primary goals
get watered down in search of more market share.
guess we’ll see what happens next!
its all falling apart 🙁
Corporate politics, German style. The bigger question is whether Macht will function as a temporary CEO.
He probably realizes things are going to change so he might as well get out while he is on top.
Herr Wiedeking, if you read this, You would be doing a great benefit to contribute to my CGT fund, Allow me at anytime to make an appeal please 🙂
hope new ceo will do as well.has done a lot of good for porsche.
Jeff W..Thats the greatest possibility. Old showman`s rule, Say goodnight while on a high note.
Ugh. I just have a bad feeling about all of this reshuffling at Porsche. I hope I’m wrong, but I tend to believe that outside entities will always corrupt the original.
I wonder what kind of cars are sitting in Wendelin Wiedeking’s driveway?
That bookie ,IS an interesting question!..