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Winterkorn remains CEO of Volkswagen's majority shareholder

Martin Winterkorn may have stepped down as the chief executive of Volkswagen in the wake of the diesel emissions scandal, but he's not out from under the company's large umbrella just yet. In fact, according to a report from Reuters, he still holds four top-level positions not only within the industrial giant's bureaucracy, but at the top of it. And one of those is as CEO of the company's largest shareholder. That holding company is Porsche SE, the investment arm of the Piech and Porsche families (Ferdinand Porsche's descendants) which holds over 50 percent of VW's shares. In 2008, Porsche SE acquired majority interest in the Volkswagen Group which in turn acquired Porsche the automaker – and placed VW's Winterkorn at the head of the executive board of the holding company. Though Winterkorn has resigned from his position as chairman of VW's management board, he has apparently yet to step down from running Porsche SE. That's not the only job that Winterkorn still retains in VW's senior management. He also continues to serve as chairman of Audi, as well as truck manufacturer Scania, and the new Truck & Bus GmbH into which Scania has been grouped together with Man. It remains unclear if or when Winterkorn might resign from those positions as well, or how his tenure in those posts might affect the company's effort to start over in the aftermath of the scandal in which it is currently embroiled. Also unclear, Reuters reports, is how much, exactly, Winterkorn will receive in compensation after having stepped down from his chair at the head of the VW executive board. His pension is reported at over $30 million, but he could be awarded a large severance package as well amounting to as much as two years' worth of his annual compensation, which amounted to around $18 million last year. Whether he receives the severance pay or not is expected to depend on whether his resignation is considered by the supervisory board to have been the result of his own missteps or independent of the situation that resulted in his resignation. One way or another, he's not likely to go poor anytime soon.

Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.

Porsche announces Cayman GT4 with 911 GT3 components

For years, there's been a debate among Porsche fans about which of its products is a better sports car, the 911 or the Cayman. It would only take a few sentences before those in the Cayman corner said that Porsche wouldn't make the Cayman as good as it could be for fear of overshadowing The Number One Son. We have a feeling these conversations are going to get a lot livelier with the introduction of the Cayman GT4, which pilfers lightly from the 911 Carrera S and heavily from the 911 GT3. On the outside, you can look to its front fascia, wheels, and fixed rear wing, and 30-millimmeter lower ride height for GT3 inspirations. Underneath, there's a 385-horsepower, 3.8-liter flat-six engine amidships, credited as being derived from the Carrera S. While there are those out there still lamenting the fact that the GT3 can only be had with a dual-clutch transmission, the Cayman GT4 "transmits its power solely through a six-speed manual transmission with dynamic gearbox mounts." Yeah. So take that. The extra power reduces the Cayman GT4's 0-to-60 mile per hour sprint to 4.2 seconds, a half second quicker than the 340-hp Cayman GTS, and bumps top speed up to 183 mph. An interesting nugget: Porsche says the Cayman GT4 runs the Nurburgring in seven minutes and 40 seconds, which it credits as the same time run by the 2011 911 GT3. Porsche has never offered a precise time for the current 911 GT3, saying only that it's "under 7:30," and Internet rumor (grab your salt lick) is that the not-yet-introduced GT3 RS has done a 7:20. We don't have all of its details yet – those will come closer to its introduction at the Geneva Motor Show next month – but we're told of a lot more 911 GT3 parts underneath, like the chassis that "consists almost entirely of components from the 911 GT3" and that all of its "technical aspects are based on the 911 GT3." If you want to take it further, the options sheet will include ceramic brakes and carbon fiber bucket seats. This new top-shelf Cayman gets to dealerships in the US in July with a starting price of $84,600 before a $995 destination charge. You'll find a few more bits of info in the press release below. A New Member of Porsche's GT Family The benchmark in its class: the Porsche Cayman GT4 Atlanta, Feb. 3, 2015 - Porsche's GT family is proud to announce the addition of an exciting new member: the Cayman GT4. This is the first Porsche GT sports car based on the Cayman and features components of the 911 GT3.