**German luxury car maker Porsche has said chief executive Wendelin Wiedeking and financial director Holger Haerter have resigned “with immediate effect”.**The news comes as the boards of Porsche and Volkswagen (VW) meet over competing plans for takeovers and new investors.
Earlier Porsche, which owns 51% of VW, said it would increase its capital by at least 5bn euros ($7.10bn; £4.3bn).
And Porsche’s board endorsed negotiations for the sale of a stake to Qatar to bolster its balance sheet.
The statements came after an all-night meeting on the future of the company
‘Strategic development’
Mr Wiedeking will be replaced by Michael Macht, the management board member responsible for production, and personnel chief Thomas Edig will serve as his deputy.
“Wiedeking and Haerter came to the conclusion in the last week that the further strategic development of [parent firm] Porsche SE and Porsche AG would be better when they were no longer the responsible people on the board,” the statement said.
Porsche would not say if the 5bn euros capital increase would come from Qatar.
There has been talk of a possible takeover of Porsche by Volkswagen, and the boards of the two firms are holding separate meetings on Thursday.
Mr Wiedeking, 56, joined Porsche in 1983. He left in 1988 but returned to Porsche in 1991 and became chief executive in 1993.