Auf Wiedersehen, Herr Wiedeking: Porsche CEO Steps DownS

The wonderfully inbred VW–Porsche saga continues. After all-night negotiations, Wendelin Wiedeking has left Porsche.

Barely a day after we’ve reported on the latest results of the struggle between Wiedeking and Ferdinand Piëch—head of VW's supervisory board—comes news that the 16-year company veteran has resigned with immediate effect, along with chief financial officer Holger Härter.

Don’t worry about them too much: should you squint against the evening skies of Zuffenhausen, you will spot Dr. Ing. Wiedeking floating serenely with the help of his $71 million golden parachute. Härter will have to make do with a measly $21M.

Wiedeking’s long reign saw Porsche transform itself from a maker of sports cars to a maker of sports cars and astonishingly ugly SUV’s, whose greatest profits came not from 911’s but from shorting Volkswagen to the tune of billions. That, of course, was before the Carpocalypse struck.

Porsche’s new CEO will be Michael Macht, the management board member responsible for production.

Now’s as good a time as any to gaze at our mega-gallery of the last Porsche of the Wiedeking era: the Panamera, owner of the strangest automotive ass since the 1980 Cadillac Seville.

Photo Credit: Miguel Villagran/Getty Images