Former Porsche CEO Leaves Karstadt Ownership
Porsche’s former chief executive, Wendelin Wiedeking, has resigned from his role at Signa Holding, the Austrian company that owns the German retail chain Karstadt, according to a report by German news agency DPA.
Mr. Wiedeking “was over many years a strategic advisor and investor” at Signa and is no longer committed to the company, the firm said in a statement quoted by DPA on Friday. Business news journal Manager Magazin reported that differences between Signa owner René Benko and Mr. Wiedeking led the latter to resign.
Mr. Wiedeking was the CEO of Porsche from 1993 through 2009. Two years later, he joined the supervisory board of Signa Holding, Austria’s largest privately-owned real estate company.
Signa Prime invests in high-end real estate properties and owns 49.9 percent of KaDeWe, one of Berlin’s most famous department stores. According to media reports, Mr. Wiedeking and his family also own 4 percent of KaDeWe, though they plan to sell these shares, which have doubled in value over the past few years. As a result, the Wiedekings can expect a windfall of up to €60 million, or $65 million.
Picture source: DPA.