Axed Porsche CEO tries Robin Hood tactics to bolster blue collar image
Germans love to see the mighty fall just a little bit more than the rest of the world, and freshly ousted Porsche CEO Wendelin Wiedeking is a perfect candidate. Yes, he made tiny, almost bankrupt Porsche successful again but did he have to be so smug about it? And was he really worth the millions of euros he raked in every year in a country where executive pay is a thorny issue? His salary, which made him the best paid German manager by far, was a topic of endless fascination in the German media. Wiedeking never divulged how much he made but unapologetically said he deserved what he earned — estimated to have been 80 million euros last year. Even before his dismissal was official, speculation swirled about how extraordinary his severance payment would be, with some putting the figure at 250 million euros. In the end it was less but still a handsome sum of 50 million euros, considering he leaves Porsche with a huge mountain of debt. As Wiedeking climbs off the throne, he is eager to burnish his blue collar credentials and in Robin Hood style announced he would donate what’s left of his payment after taxes to charity. Some of it will go to a foundation for Porsche staff, some into projects to create new jobs and, in a final swipe at his critics, he promised to give to a charity for “elderly and suffering journalists”. Take that, hacks.