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The latest development comes at a time when Porsche and Volkswagen are locked in power struggle related to takeover plans and both car makers are also looking at raising funds.
Porsche's chief financial officer Holger P Haerter would also be stepping down. The auto maker in a statement today said both Wiedeking and Haerter would be resigning with immediate effect. They would also be stepping down from their respective seats at the Supervisory Board of Volkswagen AG and Audi AG.
Porsche owns 50.76 per cent stake in Volkswagen. As part of termination of contract, Wiedeking would be taking home a pay of 50 million euros.
In the last week, Wiedeking and Haerter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on board as acting persons.
"The board has offered Wiedeking a compensation for the termination of his contract, originally maturing 2012, of Euros 50 million euros. Wiedeking accepted this proposal as well as Holger P Haerter, who was offered a compensation of 12.5 million euros," the statement said.