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Macht Appointed Chairman of the Board of Management for Porsche

Aug 6, 2009

Today the Supervisory Board of Porsche Automobil Holding SE, Stuttgart, together with Dr Wendelin Wiedeking and Holger P. Haerter agreed upon their resignation. Both Members of the Board of Management will leave Porsche SE and Dr Ing. h.c. F. Porsche AG with immediate effect, but will provide advice to both companies (make themselves available for serving both companies as consultants) as wished by the Supervisory board. Both resign from their respective seats at the Supervisory Board of Volkswagen AG and Audi AG.

In the last weeks Wiedeking and Haerter have come to the conclusion that the further strategic development of Porsche SE and Porsche AG is better off if they are not on board as acting persons. They both see that step as a significant contribution to the appeasement of the situation and to support the forming of an integrated car manufacturing company. Both gentlemen will accompany the handover at the Board of Management level positively and support their respective successors in their tasks.

Wendelin Wiedeking in his functions as CEO Porsche AG will be followed by Michael Macht, currently Board member of Porsche AG in charge of Production and Logistics. Thomas Edig, Board member in charge of Human Resources of Porsche AG will become his deputy. Furthermore Macht and Edig have been appointed as Members of the Board of Management of Porsche SE, Macht in charge of technology and products, Edig with responsibility for commercial issues and administration.

The Supervisory Board expressed its thanks to both Board members resigning from office for their long lasting work. The Board has offered Dr Wiedeking a compensation for the termination of his contract, originally maturing 2012, of 50 million Euros. Wiedeking accepted this proposal as well as Holger P. Haerter, who was offered a compensation of 12.5 million Euros. Both Wiedeking and Haerter have waived a substantial amount of rights deriving from their current Contracts.

Creating an integrated car manufacturing group

At the same time, the Supervisory Board of Porsche Automobil Holding SE, Stuttgart, in its extraordinary meeting this Wednesday accepted the proposal of the Board of Management to prepare for a capital increase of at least five billion Euros in cash and/or a contribution in kind. The measure shall create the foundation of building an integrated car manufacturing group with Porsche SE and Volkswagen AG.

The Supervisory Board of Porsche Automobil Holding SE, Stuttgart, unanimously authorised the Board of Management to finalise talks with Qatar Holding LLC (QH) over an investment in Porsche SE. The ultimate goal is to lay the foundations for creating an integrated car manufacturing company from Porsche SE and Volkswagen AG.

Statement of Dr Wendelin Wiedeking

Personal reasons, and also my responsibility towards society, have led to my decision to donate a material amount of money for social purposes.

As a sign of my outstanding relationships with long term members of staff and companions, I aim to establish a charitable organisation in Stuttgart-Zuffenhausen, where the headquarters of Porsche AG is located. With the support of the Porsche union representatives, the trust shall be equipped with liquid funds of 25 million Euros with the aim of ensuring socially fair development at all Porsche sites.

Furthermore I will donate to the social fund of Landespresse Baden-Wurttemberge.V., the trust of Hamburger Presse and the society of the Verein Kollegenhilfe niedersachsischer Journalisten e.V. a lump sum of 500,000 Euros each. According to the goals of the organisations outlined in their respective articles of association, the donations should serve as benevolent support for elderly journalists.

Over and above this I will invest in projects, targeting at creating jobs in Germany. I do pay my taxes in Germany with roughly half of my income being transferred to the state."

The foundation in Zuffenhausen shall complement my two existing charitable trusts in Beckum/Westfalia and Bietigheim-Bissingen, together equipped with a cash donation of ten million Euros.

Dr Wiedeking was appointed CEO of Porsche AG on October 1 1992. After successfully turning around the company, he managed to make the Stuttgart based manufacturer of sporting luxury cars the most profitable car company in the world. In September 2005 Porsche made public a 20 per cent stake in common shares of Volkswagen AG. As a consequence Wiedeking joined the VW Supervisory Board in January 2006. After the forming of Porsche Automobil Holding SE in November 2007 he also took over the position of Chairman of the Board of Management in this Holding company that, alongside 100 per cent in Porsche AG, today also owns 50.76 in VW AG.

Holger P. Haerter joined the Stuttgart based company in 1996 as Member of the Board of Management in charge of Financing and Accounting as well as Purchasing. In November 2007, he was appointed member of the Board of Management in charge of Finance of Porsche SE and Deputy Chairman of the Board of Management by the Supervisory Board, and similarly sat on the Supervisory Board of Volkswagen AG.

Michael Macht, born in Stuttgart in 1960, studied Mechanical Engineering at Stuttgart University and was a scientist at Fraunhofer Institute for Industrial Engineering IAO, before he started his career at Porsche AG in 1990, becoming specialist for engine planning. After serving as Director's Assistant with respect to production and materials management, concept and the organisation of the PVP Porsche improvement process, he became Chairman's Assistant, developing and implementing the so called P.O.L.E. programme, short for process optimization through supplier integration. In 1994 he was promoted to Managing Director of the freshly-founded Porsche Consulting GmbH and in 1998 became Member of the Board of Management in charge of Production and Logistics of Porsche AG. Continuing his focus on increasing efficiency in production, Macht was responsible for the building of, and start of operation at, the Leipzig factory as well as the ramp-up of the model lines Cayenne and Panamera.

Thomas Edig was born in 1961 in Stuttgart. After graduating in Business Administration from the University of Cooperative Education in Karlsruhe in 1986, he was employed at Alcatel SEL AG in Stuttgart. Following a number of promotions, he became member of the Board and HR Director in 1998, before being appointed to the Executive Board of Alcatel in Paris in 2002. After a period at Deutsche Telekom AG in Bonn in 2006 he moved to Porsche AG. In May 2007 he was appointed a Member of the Board responsible for Human Resources and Labour Relations Director.

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