This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8164295.stm
The article has changed 12 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Top Porsche managers stand down | Top Porsche managers stand down |
| (20 minutes later) | |
| German luxury car maker Porsche has said chief executive Wendelin Wiedeking and financial director Holger Haerter have resigned "with immediate effect". | |
| The news comes as the boards of Porsche and Volkswagen (VW) meet over competing plans for takeovers and new investors. | |
| Earlier Porsche, which owns 51% of VW, said it would increase its capital by at least 5bn euros ($7.10bn; £4.3bn). | Earlier Porsche, which owns 51% of VW, said it would increase its capital by at least 5bn euros ($7.10bn; £4.3bn). |
| And Porsche's board endorsed negotiations for the sale of a stake to Qatar to bolster its balance sheet. | |
| The statements came after an all-night meeting on the future of the company | |
| 'Strategic development' | |
| Mr Wiedeking will be replaced by Michael Macht, the management board member responsible for production, and personnel chief Thomas Edig will serve as his deputy. | |
| "Wiedeking and Haerter came to the conclusion in the last week that the further strategic development of [parent firm] Porsche SE and Porsche AG would be better when they were no longer the responsible people on the board," the statement said. | |
| Porsche would not say if the 5bn euros capital increase would come from Qatar. | |
| There has been talk of a possible takeover of Porsche by Volkswagen, and the boards of the two firms are holding separate meetings on Thursday. | |
| Mr Wiedeking, 56, joined Porsche in 1983. He left in 1988 but returned to Porsche in 1991 and became chief executive in 1993. |