Porsche CEO Wendelin Wiedeking was not at the launch of the 2010 Porsche Panamera at the 2009 Shanghai Motor Show. According to Abendzeitung daily newspaper, Wiedeking was absent because of an agreement between Wolfgang Porsche and his cousin, Volkswagen Chairman Fedinand Piech, that Wiedeking should be replaced by Volkswagen CEO Martin Winterkorn.

Today, Porsche and Volkswagen denied reports that Wiedeking would be fired or that Winterkorn would take his place.

“That is total nonsense,” a spokesman quoted Wolfgang Porsche. Volkswagen rejected speculation that there is any power struggling between it and its controlling shareholder, Porsche.

Porsche said that Wiedeking missed the Panamera launch since he was ill.

- By: Omar Rana

Source: Reuters (via Automotive News)