… according to Germany’s business weekly WirtschaftsWoche:
FRANKFURT, July 15 (Reuters) - Porsche SE’s embattled chief executive, Wendelin Wiedeking, is leaving the company, Germany’s business weekly WirtschaftsWoche reported on Wednesday, without citing sources.
According to the magazine, a successor will be decided on shortly.
Until then, an interim executive should be found that has had management experience at both Porsche and its majority controlled subsidiary, Volkswagen.
A spokesman for Porsche SE decline to comment.
However, the man who masterminded one of the greatest short sqeezes in stock market history – the VW fruit machine – has not gone yet, according to Bloomberg:
Porsche SE Chief Executive OfficerWendelin Wiedeking hasn’t stepped down and will attend the sports-car maker’s supervisory board meeting on July 23,spokesman Albrecht Bamler said in a phone interview today.
Bamler responded to a WirtschaftsWoche report that the CEOis stepping down.
The speculation on Wiedeking’s future comes hot on the heels of reports that debt at the luxury car marker has ballooned to more than €10bn and that the state of Qatar and the two families that control Porsche LLC are poised to pump €5bn into the company.
Shares in Porsche are currently down 1.9 per cent at 44.93.
Related link:
Qatar to pump €5bn into Porsche – FT