Porsche CEO steps down for Volkswagen AG merger

Porsche CEO Wendelin Wiedeking is to step down after being with the automaker for 16 years. The move is so that the merger with Porsche and Volkswagen AG can go ahead. It is not just Wiedeking leaving; Chief Financial Officer Holger Haerter will also have to leave with immediate effect.

Wendelin Wiedeking has been opposed to selling Porsche’s automotive unit to Volkswagen from the start. The former CEO managed to accumulate VW shares, thus raising Porsche’s stake to over 50 percent, with an option for a further 20 percent.

This was not a good move on Wiedeking’s part, as he increased Porsche’s debt to 10 billion Euros ($14.2 billion); the CEO then had to turn to the family owners the German sports car maker, Piechs and Porsches for more capital. Read the full article by visiting Bloomberg.

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