Porsche’s Board Fires CEO

Just two years ago, former Porsche CEO Wendlin Wiedeking savored the idea of finally owning Volkswagen, a move that Porsche had long wanted to make, and laid out a plan for the acquisition of its rival. However, a variety of unfortunate situations have led to complete reversal, as Porsche’s board has decided to get rid of Wiedeking in order to smooth its merger with Volkswagen, not its acquisition.

Wiedeking’s fate is especially ironic because the German executive predicted that the auto industry would face trouble and his solution for the problem was to acquire Volkswagen, the very idea that ended up costing him his position.

A controversial figure in Germany, Wiedeking frequently grabbed headlines for what many Germans have considered to be his excessive income: Wiedeking received $110 million last year. He joined Porsche in 1983 as an engineer and worked his way up to the top of the company.

Wiedeking is credited for turning the once-struggling Porsche into the world’s most profitable automaker. Unfortunately for Wiedeking, his rash move to take over Volkswagen ended up drawing the ire of certain members of Porsche’s founding family, costing him his position.

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