Porsche Fires Wiedeking and Hrter, Merger With VW Near
The Porsche board kept busy all night. Porsche dismissed CEO Wendelin Wiedeking and CFO Holger Härter with immediate effect, Reuters reports. They were kicked out, wearing parachutes worth €50 million ($71million) for Wiedeking and €12.5 million ($18 million) for Härter. That was way below the sums discussed previously.
The unanimous decision is seen as a signal that the Piech and Porsche clans are ready to merge with Volkswagen, with financial backing from the Sheik of Qatar. As reported prevously, Wiedeking will be replaced by Michael Macht.
“With Wiedeking gone, it appears as certain that Volkswagen will take over Porsche step-by-step and will integrate Porsche as 10th brand into the VW portfolio,” Automobilwoche [sub] says. The derivative-dealing duo had racked-up debt of over €10b for Porsche. Today, the supervisory board of Volkswagen meets in Stuttgart. Details of the deal are expected after the meeting. The power over combined Volkswagen/Porsche will be with Ferdinand Piech and his protege Martin Winterkorn.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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