Porsche offered Wiedeking $199 million payout, lawyer says
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Porsche offered Wiedeking $199 million payout, lawyer says
I thought Wagnor got a lot....
http://www.autonews.com/article/2009...307269997/1193
http://www.autonews.com/article/2009...307269997/1193
FRANKFURT (Reuters) -- The Porsche and Piech families were prepared to offer Porsche AG CEO Wendelin Wiedeking 140 million euros ($199 million) for his resignation, his lawyer told Reuters on Friday.
The payout would have been easily the highest severance package in German corporate history.
"Wiedeking did not demand this amount. It was an offer presented by the families, but the labor representatives on the supervisory board would not accept it," said Jobst-Hubertus Bauer from the Gleiss Lutz law firm.
The princely sum was approved by Chairman Wolfgang Porsche and steering committee member Hans-Michel Piech, he explained.
The Porsche CEO could have received even more had Wiedeking demanded the full amount authorized to him in his contract, which was set to run until 2012.
The payout would have been easily the highest severance package in German corporate history.
"Wiedeking did not demand this amount. It was an offer presented by the families, but the labor representatives on the supervisory board would not accept it," said Jobst-Hubertus Bauer from the Gleiss Lutz law firm.
The princely sum was approved by Chairman Wolfgang Porsche and steering committee member Hans-Michel Piech, he explained.
The Porsche CEO could have received even more had Wiedeking demanded the full amount authorized to him in his contract, which was set to run until 2012.
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