Porsche CEO Wendelin Wiedeking and Chief Financial Officer Holger Haerter have resigned from the company effective immediately. Wiedeking will get a 50 million euro payout and Haerter will receive 12.5 million euros.

Wiedeking has been CEO of Porsche AG since 1992 and is credited with a huge financial turn-around for the company. He was also key, however, in the long-running difficulty to buy out Volkswagen, joining that company’s board in 2006.

Wiedeking’s departure is set to catalyse a merger between Porsche and Volkswagen, and he will be replaced by Michael Macht, currently Board member of Porsche AG in charge of Production and Logistics. Volkswagen is meeting today and is expected to make further announcements on proceedings.

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