Porsche CEO Wendelin Wiedeking and finance chief Holger Haerter will leave the company immediately, the German sports car maker has announced.

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Porsche's production chief Michael Macht will replace Mr Wiedeking. Thomas Edig, head of human resources, will be his deputy.

Mr Wiedeking, who lead the charge in Porsche's ill-fated takeover attempt of Volkswagen AG, has accepted compensation of 50 million euros, the company said in a statement. Mr Haerter will receive 12.5 million euros.