Porsche boss to get 100 million euro payoff: Report
German car maker Porsche chief Wendelin Wiedeking is likely to get a pay-off worth about 100 million euros when he leaves the company, says a media report.
By PTI |
LONDON: German car maker Porsche chief Wendelin Wiedeking is likely to get a pay-off worth about 100 million euros when he leaves the company, says a media report.
"Porsche chief Wendelin Wiedeking is set to pick up a pay-off of at least 100 million euros (86 million pounds) when he leaves the debt-ridden company," The Sunday Times has reported.
The publication said that it would be the biggest golden parachute ever given to an industry boss in Europe and dwarfs the record 50 million pounds paid to Jurgen Schrempp when he left Daimler in 2005.
"The severance package would consist of what he would earn for the rest of his contract, plus a share package, a lump sum payment and his pension rights," the report said.
Attributing the news to industry insiders, the publication said that Wiedeking, whose contract runs until 2012, could negotiate an even higher price for his departure.
According to the report, the size of the deal is bound to cause controversy at a time when governments around the world are questioning the size of salaries and payouts made to top managers.
"Porsche chief Wendelin Wiedeking is set to pick up a pay-off of at least 100 million euros (86 million pounds) when he leaves the debt-ridden company," The Sunday Times has reported.
The publication said that it would be the biggest golden parachute ever given to an industry boss in Europe and dwarfs the record 50 million pounds paid to Jurgen Schrempp when he left Daimler in 2005.
"The severance package would consist of what he would earn for the rest of his contract, plus a share package, a lump sum payment and his pension rights," the report said.
Attributing the news to industry insiders, the publication said that Wiedeking, whose contract runs until 2012, could negotiate an even higher price for his departure.
According to the report, the size of the deal is bound to cause controversy at a time when governments around the world are questioning the size of salaries and payouts made to top managers.
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