International Business News
Porsche CEO steps down, making way for VW merger
Porsche chief executive Wendelin Wiedeking is leaving the luxury sports car maker after 16 years at the helm, a move widely expected to clear the way for a merger with Volkswagen AG.
The board for Porsche Automobil Holding SE said Thursday that Wiedeking, 56, and chief financial officer Holger Haerter, 53, were leaving with immediate effect from the heavily indebted company that makes the 911, among other models.
The move - along with the announcement that Porsche will seek to raise funds, possibly from a Qatar investor - is expected to make it easier for Volkswagen and Porsche to merge given that Wiedeking, who had been CEO since 1992, opposed such a move.
"The measure shall create the foundation of building an integrated car manufacturing group with Porsche SE and Volkswagen AG," a company statement said.