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Porsche on Thursday dismissed chief executive Wendelin Wiedeking, as the debt-ridden German sports carmaker prepared for an increase of its capital base by at least €5bn ($7.1bn) ahead of a merger with rival Volkswagen.
In a controversial 15-hour boardroom showdown that stretched into Thursday morning, Porsche’s family owners agreed on an immediate dismissal of Mr Wiedeking and Holger Härter, chief financial officer.
Mr Wiedeking, once one of the highest paid managers in the world, agreed to a compensation package of €50m.
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