A German court didn't accept the stock manipulation allegations against Porsche's former CEO and CFO and acquitted them of the charges. Prosecutors first indicted them in 2012.
Former Porsche SE execs, including Wendelin Wiedeking, Holger Haerter, and now Anton Hunger, have been indicted for alleged stock manipulation during the failed takeover of Volkswagen. Prosecutors dropped charges against Ferdinand Piech and Wolfgang Porsche.
Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. Howeve
Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charge
Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the
Three years after an oversize corporate appetite resulted in him departing the CEO's throne at Porsche, Wendelin Wiedeking is back in the hunger business having announced a chain of pizza and pasta restaurants called Vialino. The eatery business isn't new to the former Porsche boss, nor are business interests far from the automotive sector: the former Porsche boss made his first million in real estate before he was 30, owns a restaurant now, and still ow
It was really just 35 words that announced the ends of two careers at Porsche: "In the last weeks Wiedeking and Härter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on board as acting persons." And so, effective immediately, they aren't. The man who would be was king, Wendelin Wiedeking, and his majordomo CFO Holge Härter, have retired from Porsche with immediate effect.
If the rumored deal for Volkswagen to consume Porsche is indeed accurate, then there are only two things left: the shouting, and the sound of Porsche CEO Wendelin Wiedeking departing his post in a Brinks truck filled with €100 million ($141M USD). German newspaper Bild am Sonntag reported "it is now no longer a question of if, but of how Wendelin Wiedeking will step as
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.
Daimler's Dieter Zetsche has called 2009 a "Darwin year" for the car business, with the weak and the lame being pulled down by larger forces. Surprisingly, Porsche was one of those businesses that nearly went under, and it has been looking for help almost anywhere it could get it. Reuters says that Germany's Manager Magazin recently reported that Porsche and Daimler held tal
Some analysts are wondering if Porsche isn't running itself more like the Blackstone Group than as an automaker. The option trades it used last year to take control of Volkswagen netted the German automaker €6.8 billion. The business of selling cars netted Porsche just €1 billion over the same period. And that's not all: Porsche made an additional €392 million trading shares in other companies on the German exchange.
Little guy Porsche is taking huge swings, and not just at the giant that is Volkswagen. Porsche head Wendelin Wiedeking had fierce Teutonic words for General Motors and Ford, and banks. His Rindfleisch – beef, that is – with U.S. automakers is that, through unsound practices, they have thrown absolutely everything into turmoil. In the words of the Guardian, in fact, they have driven "the industry to the brink of ruin."
There's no record of VW actually asking for one, but in case they wanted a seat on Porsche's management board, Porsche has said, "Uh, nein." That's the word from Porsche Automobil CFO Holger Härter, who forms half of the management board. The other half is Porsche CEO Wendelin Wiedeking. Nor will the company's charter and co-determination agreements be altered. He did, however, open the door to adding more members in the future.
According to our friends over at Motor Authority, Porsche exec Wendelin Wiedeking has officially denied the development of a cute 'ute designed to slot in below the Cayenne. This news is contrary to last month's report from Autobild that Porsche intended to share a platform with the upcoming Audi A5 and Volkswagen Tiguan, dubbing the stillborn model the "Roxster." This most recent new
Porsches may be getting cleaner, and even adding hybrids to their lineup, but according to CEO Wendelin Wiedeking, there are limits to what they can do. In a German newspaper interview, over the weekend he was highly critical of new EU proposals to require all cars to emit less than 130g/km of CO2. He stated the Cayenne hybrid will get fuel economy up to 26.1 mpg, but the new CO2 standard w