Outgoing Porsche Boss Establishes Fund for Firm’s Workers

Ousted Porsche chief executive Wendelin Wiedeking has pledged half of his $71.1-million severance pay to a charitable fund to benefit the automaker’s employees, Forbes reports.

Mr. Wiedeking, who left the company yesterday following the failure of his plan to take over Volkswagen, said the new fund is aimed at “ensuring socially fair development” at Porsche workplaces. He promised an additional $1.4-million to two German associations that support “elderly and suffering journalists.”