Porsche’s CEO, Wendelin Wiedeking, resigned his position at the German sports car maker last week. Wiedeking had opposed Porsche and Piech families efforts to merge with Volkswagen, and his departure now paves the way for a merger of Porsche within Volkswagen.
According Wiedeking’s lawyer, the Porsche and Piech families were prepared to offer the CEO a total of 140 million euros ($199 million) for his resignation. The payout would have been the highest severance package in German corporate history.
“Wiedeking did not demand this amount. It was an offer presented by the families, but the labour representatives on the supervisory board would not accept it,” said Jobst-Hubertus Bauer, Wiedeking’s lawyer.
Bauer said that Wiedeking could have received more had he demanded the full amount authorized to him in his contract, which was between 170-260 million euros
In the end, Wiedeking left Porsche with 50 million euros, and pledged to donate half to charity.
– By: Omar Rana