“It’s a poor state of affairs that the director is accepting this payoff,” comments Glenys Berd, the entrepreneur behind online footwear retailer lovethoseshoes.com. “Shades of Fred the Shred! Greed is so rife in the corporate world – it’s now almost as common as laziness.” “Wiedeking should be appropriately rewarded for the results he achieved earlier in his career at Porsche – but he shouldn’t be getting such a significant golden parachute at such a bad time for the business,” says Applied Language Solutions founder Gavin Wheeldon, referring to the company’s plummeting share price and €10bn debt. “Any kind of exit bonus should be based on the current health of the business you are exiting.”
Ling Valentine has an entirely different view. She reckons Wiedeking should “take the money and run”.
“He has moulded Porsche into one of the most profitable and successful car companies in the world over the past 16 years (albeit with a heavy debt burden), with 2006/7 profits in excess of €4bn. That’s a stark contrast to the rest of the global car industry, which culminated in the bankruptcy of GM last month,” says the entrepreneur behind online car leasing website www.lingscars.com. “Wiedeking deserves every penny of his pay-off – he remains well respected and popular in Germany for his refusal to dilute the Porsche workforce with cheap overseas production.”
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