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 …read more