Porsche CEO likely to bow to pressure to leave, report says

Porsche CEO Wendelin Wiedeking is likely to bow to pressure from the Porsche family to step down, a German newspaper report said on Wednesday.

Business daily Handelsblatt said that the two parties had already reached agreement that the chief executive should go and that a formal decision could come by Thursday, when the company's supervisory board meets.

The newspaper also said, however, that Wiedeking would fight to keep his job.

A spokesman for Porsche said: "Wiedeking will present his business concept for Porsche to the supervisory board on Thursday."

Porsche's supervisory board last week denied German media reports that the company's production boss, Michael Macht, will replace Wiedeking as CEO of the sports car maker.

Wiedeking has come under fire for allowing Porsche's holding company to amass debts of more than $12.7 billion (9 billion euros) during a failed attempt to take over VW.

He also is opposing a plan by Ferdinand Piech, VW's chairman and a part owner of Porsche, for VW to take control of Porsche to reduce Porsche's debt burden.

By Automotive News Europe