Porsche’s chief executive officer Wendelin Wiedeking has been fired from the German car company.  Wiedeking’s departure is met with that of the company’s chief financial officer, Holge Härter.  The two men were “immediately” retired from their posts after months of falling sales and deepening debt.

Wiedeking has been with Porsche for sixteen years and orchestrated the firm’s expansion into sport-utility vehicles and sedans.  But Wiedeking’s failed attempt to seize a majority stake in VW left Porsche €9,000,000,000 in debt.  Porsche now may become a subsidiary to Volskwagen after being rejected for a state loan.

Wiedeking will leave with a €50,000,000 severance package.  Härter will receive €12,000,000.  Michael Macht, production director, will take the position as company CEO.  Macht, age forty-eight, has been with Porsche since 1990 and has overseen engineering and logistics.