Porsche CEO out, VW bid possible

Porsche announced Thursday Wendelin Wiedeking, its longtime chief executive, is stepping down, a move observers say may hasten a Volkswagen takeover.

Also leaving the German company along with Wiedeking, who ran things at Porsche for 17 years, was Holger Haerter, Porsche’s chief financial officer, CNN reported.

Michael Macht, who has been head of production, will become the new chief executive, Porsche said in a statement.

Wiedeking had long opposed a merger with Volkswagen.

The board was said to have decided to pursue a capital increase of 5 billion euros (about $7 billion) and to enter negotiations with Qatar Holdings, both steps toward creating an integrated company with Volkswagen.