Porsche denys CEO leaving

Porsche has denied that its embattled CEO, Wendelin Wiedeking, is to leave the company.
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Germany's business weekly WirtschaftsWoche reported yesterday that Mr Wiedeking would leave Porsche, which has a 51 per cent stake in Volkswagen, and a successor will be decided on shortly.

"We deny it. Wendelin Wiedeking is doing his job and will continue to do his job," a Porsche spokesperson told news agencies.

WirtschaftsWoche said an interim executive, who has had management experience at both Porsche and Volkswagen, would replace Mr Wiedeking.

Porsche's labour boss, Uwe Huek, told German television that Mr Wiedeking would stay in office until his contract runs out in 2012.

Mr Wiedeking has been under fire since an attempt to take over VW failed and left Porsche's holding company with debts of more than nine billion euros.

When car sales collapsed and credit became tougher to obtain, Porsche's take over bid for VW left it with no option but to propose a merger of the two companies.

Porsche is also currently trying to source billions of euros worth of loans to help it deal with its debt problem.