Porsche CEO Wendelin Wiedeking would have made history
By Andrew C., 30 Aug, 2010. 0 Comments
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Former Porsche CEO Wendelin Wiedeking would have made history as the highest severance payment ever in German corporate history if labor representatives on the supervisory board allowed it. Wiedeking's lawyer, Jobst-Hubertus Bauer, said that the Porsche and Piech families initially offered him €140 million ($199 million) to resign. Porsche Chairman Wolfgang Porsche and steering committee member Hans-Michel Piech had approved the larger sum. However, labor representatives, which represent half of Porsche's board, denied him that payment. Bauer claims that Wiedeking was entitled to get between €170 million-€260 million, depending on the results of fiscal ear 2008/09, had there been no agreement. Wiedeking eventually retired with a €50 million ($71.1 million) payout.
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