Porsche chief executive Wendelin Wiedeking, has been forced out of the German sports carmaker along with financial officer Holger Harter. The two had been instrumental in a plan which eventually failed for Porsche to take over car giant VW.

Current Porsche production head Michael Macht will now take over as chief executive.

Wiedeking leaves with some consolation, a €50 million payout, while Harter is thought to be walking away with €12.5 million.