Porsche CEO stepping down
07-22-09, 10:20 PM
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Porsche CEO stepping down
Just crossed the wire.
Porsche SE says CEO stepping down
STUTTGART, Germany (AP) — Porsche Automobil Holding SE’s supervisory board says company CEO Wendelin Wiedeking is to step down immediately.
The board issued a statement early Thursday morning after a meeting through the night.
It says Wiedeking’s job will be filled by Michael Macht, the management board member responsible for production.
The board says member Holger Haerter, responsible for finances, will also step down.
Wiedeking is credited with turning around the automaker in the 1990s but it is now struggling with some euro9 billion ($12.77 billion) in debt by his costly attempt to acquire more shares of Volkswagen AG just as the global financial crisis hit and slowed sales of new cars.
STUTTGART, Germany (AP) — Porsche Automobil Holding SE’s supervisory board says company CEO Wendelin Wiedeking is to step down immediately.
The board issued a statement early Thursday morning after a meeting through the night.
It says Wiedeking’s job will be filled by Michael Macht, the management board member responsible for production.
The board says member Holger Haerter, responsible for finances, will also step down.
Wiedeking is credited with turning around the automaker in the 1990s but it is now struggling with some euro9 billion ($12.77 billion) in debt by his costly attempt to acquire more shares of Volkswagen AG just as the global financial crisis hit and slowed sales of new cars.
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