Porsche says CEO Wendelin Wiedeking to step down immediately; Michael Macht named replacement

Porsche says CEO stepping down

STUTTGART, Germany — Porsche Automobil Holding SE’s supervisory board says company CEO Wendelin Wiedeking is to step down immediately.

The board issued a statement early Thursday morning after a meeting through the night.

It says Wiedeking’s job will be filled by Michael Macht, the management board member responsible for production.

The board says member Holger Haerter, responsible for finances, will also step down.

Wiedeking is credited with turning around the automaker in the 1990s but it is now struggling with some €9 billion ($12.77 billion) in debt by his costly attempt to acquire more shares of Volkswagen AG just as the global financial crisis hit and slowed sales of new cars.