REPORT: Porsche denies word that CEO Wiedeking will hand over the keys amidst deal talk
This executive cycle isn't uncommon, especially in Germany: CEO displays great leadership over time, then decides to do something daring, then gets caught in a series of unfortunate events, then gets a tarnished reputation, then departs the formerly high-flying company (see also: "Schrempp" and "Pischetsrieder"). Porsche CEO Wendelin Wiedeking is hoping to avoid that last phase, and his company has been fighting back rumors that his departure is imminent.
With Porsche swimming in debt, Volkswagen allegedly making extortionate claims, and Porsche considering selling 49% of its car business to Wolfsburg, several German business papers are reporting that Wiedeking is eying the exit. Automotive News reports that a writer at the Financial Times Deutschland went so far as to report that the CEO had hired attorneys to advise him. The scenarios presented in case of an exit suggest that an interim CEO will take over until a successor is named.
The head of Porsche's labor union, though, said that the reports aren't true, and Wiedeking "is doing his job and will continue to do his job." What's more, he said that the Porsche and Piech families have not agreed to join the companies, that no decision will be made without discussions with Porsche's supervisory board, and that the 49% share that VW might take in Porsche is worth double the amount being offered. As with so many family sagas, this one is a long way from being over.
[Source: Automotive News, sub req'd | Image: Alexander Hassenstein/Getty]
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Reader Comments (Page 1 of 1)
Mike7 2:37PM (7/16/2009)
I'm sorry to see Mike Kimberly leaving Lotus. I don't think I'll be especially sorry to Wiedeking leave Porsche.
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James 5:10PM (7/16/2009)
Ah...here goes another VW/Porsche drama episode.
Tmoguy 2:42PM (7/16/2009)
Wow some people look German and others look really german, this guy falls to the latter. Give him some lederhosen and pass that man a schnitzel.
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dukeisduke 3:01PM (7/16/2009)
It's interesting seeing all this back-and-forth between Porsche and VW, considering how they've been so interconnected over the years, from Porsche's design of the KdF-Wagen, to the Porsche 914.
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sparrk 3:03PM (7/16/2009)
..to the Tuareg/Cayenne
sparrk 3:02PM (7/16/2009)
can't wait for the movie to come out !
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Jared 3:31PM (7/16/2009)
Wiedeking played with fire when he started the hedge-fund-like financial shenanigans trying to take over VW, and he got burned. I find it hard to feel sorry for him.
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audi_arena 4:04PM (7/16/2009)
I really can't wait for this bullsh_t posturing to be over, so the company can get on with focusing on product. These assholes at porsche should be shot for wasting the company's money on a stupid napoleanistic conquest.
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Throwback 4:08PM (7/16/2009)
If Wiedeking leaves, any automakers looking for a CEO should call him. I think he got caught up in Piech's ego machinations with VW. He rarely put a foot wrong while at the helm of Porsche.
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