According to press reports, it's more and more likely that Wiedeking will step down from his post as Porsche's CEO. Apparently, his contract goes until 2012, and if he agrees to leave early, he would be able to claim a golden parachute worth more than 100 m €.
Now let me get this straight:
Here's a guy who was paid 80 m € last year because of Porsche's record profit caused by a huge bet on VW's share price. Then it all turned sour, and Porsche now desperately needs to be bailed out by VW and/or foreign investors. Yet if the owners want to get rid of him, they have to throw in another 100+ m €?
Why on earth did they give him a contract that entitles him to such a crazy sum in spite of screwing up?
(Though if I read the press reports right, they are speculating. They don't actually know what's in the contract. But I suppose we'll know soon enough if the number turns out to be true.)
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