Wendelin Wiedeking
Encyclopedia
Dr. Wendelin Wiedeking (born August 28, 1952 in Ahlen
, North Rhine-Westphalia
) is the former President and Chief Executive Officer
of the German
car manufacturer, Porsche AG, a post he held from 1993 through July 23, 2009. He was also speaker of the company's executive committee and was a member of the supervisory board of Volkswagen AG.
He had his first child in 1992, Kinzie Wiedeking. His family is currently living in New York, NY.
, Germany
and attended RWTH
in Aachen
. After graduation in 1978, he remained at RWTH for graduate school
, in order to attain a doctorate
in engineering
. He earned his doctorate in 1983.
A mechanical engineer by training, he joined Porsche in 1983, aged 31. After a stint at Wiesbaden
based Glyco AG, a subsidiary of auto-parts maker Federal-Mogul
, he returned to Porsche as head of production in 1991, taking over two years later as Chairman (CEO) when Porsche was close to bankruptcy. On account of Porsche's large shareholding in Volkswagen
, Wiedeking also found himself on the supervisory board of that company. Some industry analysts believed that Porsche could not survive on its own, but Wiedeking, who says he made his first million by the age of 30 with real estate investments, took on the challenge.
Wiedeking, then 40 years old, who with his spectacles and moustache looked like "a clerk at a venetian blinds manufacturer", according to Der Spiegel magazine, soon imposed his gung-ho management style on the workforce. Within two years he managed a surprise turnaround by trimming the product line-up, modernizing the production system based on Toyota's lean manufacturing system, and negotiating new work rules with the unions.
"'No risk, no fun' is my motto," he has said.
Wiedeking asserted in a 2006 interview that "every product must earn money. Otherwise you are simply pursuing a hobby which is no task for an auto-business". By then he had dropped the unprofitable 928
and 968
models, overhauled the iconic 911
and developed two new models, the Boxster
convertible and the Cayenne
SUV.
Taking big risks helped Wiedeking become the best paid executive in Germany in 2008, reaping an estimated 80 million euros in salary after profits exceeded revenue thanks to windfall gains from financial instruments linked to VW shares.
After years of guidance by Wiedeking, Porsche has become the most profitable company in the automobile industry (in terms of revenue
per unit and overall profitability, both worldwide). Wiedeking again and again is a candidate for the guidance of larger automakers (such as Ferdinand Piëch’s
successor at Volkswagen
). Wiedeking has received numerous honors for his work at Porsche. Among other things Wiedeking, in 2003, was awarded a medal for “humor in the office”.
Wendelin Wiedeking can be considered an example of a successful manager, when he develops his own management style suitable to the product. Wiedeking has apperared several times in an annually recurring article of the American
automobile magazine
Motor Trend
titled "The Power List" (05/06/07/08/09). The article ranks the most influential people in the automotive world; in the 2005 article he was ranked as #6, in 2006 he was ranked #3, while in the 2007 article he was ranked as #4. Wiedeking dropped to #7 in 2008, but reached a personal high #2 in 2009.
Wiedeking criticizes the tendency in Germany to notice only negatives and to "almost look for it."
The German
business publication manager magazin lists him as the best paid executive in Europe, citing his annual salary in 2007 as having been 72,600,000 €
.
Ahlen
Ahlen is a town in North Rhine-Westphalia, Germany. It is part of the District of Warendorf and is economically the most important town in that district. Ahlen is part of the larger Münster region, and of the historic Münsterland area....
, North Rhine-Westphalia
North Rhine-Westphalia
North Rhine-Westphalia is the most populous state of Germany, with four of the country's ten largest cities. The state was formed in 1946 as a merger of the northern Rhineland and Westphalia, both formerly part of Prussia. Its capital is Düsseldorf. The state is currently run by a coalition of the...
) is the former President and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the German
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
car manufacturer, Porsche AG, a post he held from 1993 through July 23, 2009. He was also speaker of the company's executive committee and was a member of the supervisory board of Volkswagen AG.
He had his first child in 1992, Kinzie Wiedeking. His family is currently living in New York, NY.
Life before Porsche
Wiedeking grew up in BeckumBeckum, Germany
Beckum is a town in the district of Warendorf, in North Rhine-Westphalia, Germany. It is situated approximately 20 km north-east of Hamm and 35 km south-east of Münster...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
and attended RWTH
RWTH Aachen
RWTH Aachen University is a research university located in Aachen, North Rhine-Westphalia, Germany with roughly 33,000 students enrolled in 101 study programs....
in Aachen
Aachen
Aachen has historically been a spa town in North Rhine-Westphalia, Germany. Aachen was a favoured residence of Charlemagne, and the place of coronation of the Kings of Germany. Geographically, Aachen is the westernmost town of Germany, located along its borders with Belgium and the Netherlands, ...
. After graduation in 1978, he remained at RWTH for graduate school
Graduate school
A graduate school is a school that awards advanced academic degrees with the general requirement that students must have earned a previous undergraduate degree...
, in order to attain a doctorate
Doctorate
A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder to teach in a specific field, A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder...
in engineering
Engineering
Engineering is the discipline, art, skill and profession of acquiring and applying scientific, mathematical, economic, social, and practical knowledge, in order to design and build structures, machines, devices, systems, materials and processes that safely realize improvements to the lives of...
. He earned his doctorate in 1983.
With Porsche
His professional career began in 1983 as Director's Assistant in the Production and Materials Management area of Porsche AG in Stuttgart-Zuffenhausen.A mechanical engineer by training, he joined Porsche in 1983, aged 31. After a stint at Wiesbaden
Wiesbaden
Wiesbaden is a city in southwest Germany and the capital of the federal state of Hesse. It has about 275,400 inhabitants, plus approximately 10,000 United States citizens...
based Glyco AG, a subsidiary of auto-parts maker Federal-Mogul
Federal-Mogul
Federal-Mogul Corporation is a global automotive supplier based in Southfield, Michigan, USA. It is one of the leading engine-parts suppliers in the United States, including engine bearings, pistons, piston pins, piston rings, cylinder liners, valve seats and guides, transmission products and...
, he returned to Porsche as head of production in 1991, taking over two years later as Chairman (CEO) when Porsche was close to bankruptcy. On account of Porsche's large shareholding in Volkswagen
Volkswagen
Volkswagen is a German automobile manufacturer and is the original and biggest-selling marque of the Volkswagen Group, which now also owns the Audi, Bentley, Bugatti, Lamborghini, SEAT, and Škoda marques and the truck manufacturer Scania.Volkswagen means "people's car" in German, where it is...
, Wiedeking also found himself on the supervisory board of that company. Some industry analysts believed that Porsche could not survive on its own, but Wiedeking, who says he made his first million by the age of 30 with real estate investments, took on the challenge.
Wiedeking, then 40 years old, who with his spectacles and moustache looked like "a clerk at a venetian blinds manufacturer", according to Der Spiegel magazine, soon imposed his gung-ho management style on the workforce. Within two years he managed a surprise turnaround by trimming the product line-up, modernizing the production system based on Toyota's lean manufacturing system, and negotiating new work rules with the unions.
"'No risk, no fun' is my motto," he has said.
Wiedeking asserted in a 2006 interview that "every product must earn money. Otherwise you are simply pursuing a hobby which is no task for an auto-business". By then he had dropped the unprofitable 928
Porsche 928
The Porsche 928 was a sports-GT car sold by Porsche AG of Germany from 1978 to 1995. Originally intended to replace the company's iconic 911, the 928 attempted to combine the power, poise, and handling of a sports car with the refinement, comfort, and equipment of a luxury sedan to create what some...
and 968
Porsche 968
The 968 is a sports car sold by Porsche AG from 1992 to 1995. It took over the entry-level position in Porsche's lineup from the 944, with which it shared about 20% of its parts...
models, overhauled the iconic 911
Porsche 911
The Porsche 911 is a luxury 2-door sports coupe made by Porsche AG of Stuttgart, Germany. It has a distinctive design, rear-engined and with independent rear suspension, an evolution of the swing axle on the Porsche 356. The engine was also air-cooled until the introduction of the Type 996 in 1998...
and developed two new models, the Boxster
Porsche Boxster
The Porsche Boxster is a mid-engined roadster built by Porsche. The Boxster is Porsche's first road vehicle to be originally designed as a roadster since the 550 Spyder....
convertible and the Cayenne
Porsche Cayenne
The Porsche Cayenne is a five seat mid-size luxury crossover manufactured by the German manufacturer Porsche since 2002, with North American sales beginning in 2003. Its platform was developed by Porsche and is shared with the Volkswagen Touareg and the Audi Q7. It is the first V8-engined vehicle...
SUV.
Taking big risks helped Wiedeking become the best paid executive in Germany in 2008, reaping an estimated 80 million euros in salary after profits exceeded revenue thanks to windfall gains from financial instruments linked to VW shares.
After years of guidance by Wiedeking, Porsche has become the most profitable company in the automobile industry (in terms of revenue
Revenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
per unit and overall profitability, both worldwide). Wiedeking again and again is a candidate for the guidance of larger automakers (such as Ferdinand Piëch’s
Ferdinand Piëch
Ferdinand Karl Piëch is an Austrian business magnate, engineer and executive who is currently the chairman of the supervisory board of Volkswagen Group....
successor at Volkswagen
Volkswagen
Volkswagen is a German automobile manufacturer and is the original and biggest-selling marque of the Volkswagen Group, which now also owns the Audi, Bentley, Bugatti, Lamborghini, SEAT, and Škoda marques and the truck manufacturer Scania.Volkswagen means "people's car" in German, where it is...
). Wiedeking has received numerous honors for his work at Porsche. Among other things Wiedeking, in 2003, was awarded a medal for “humor in the office”.
Wendelin Wiedeking can be considered an example of a successful manager, when he develops his own management style suitable to the product. Wiedeking has apperared several times in an annually recurring article of the American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
automobile magazine
Automobile magazine
An automobile magazine is a magazine with news and reports on automobiles and the automobile industry. Automobile magazines may feature new car tests and comparisons, which describe advantages and disadvantages of similar models; future models speculations, confidential information and "spyshots"...
Motor Trend
Motor Trend
Motor Trend is an American automobile magazine. It first appeared in September 1949, issued by Petersen Publishing Company in Los Angeles, and bearing the tag line "The Magazine for a Motoring World". Petersen Publishing was sold to British publisher EMAP in 1998, who sold the former Petersen...
titled "The Power List" (05/06/07/08/09). The article ranks the most influential people in the automotive world; in the 2005 article he was ranked as #6, in 2006 he was ranked #3, while in the 2007 article he was ranked as #4. Wiedeking dropped to #7 in 2008, but reached a personal high #2 in 2009.
Wiedeking criticizes the tendency in Germany to notice only negatives and to "almost look for it."
The German
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
business publication manager magazin lists him as the best paid executive in Europe, citing his annual salary in 2007 as having been 72,600,000 €
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
.
Honors
- 2002: German Images Award
- 2003: CICERO Speaker Prize
- 2005: HonoraryHonorary degreeAn honorary degree or a degree honoris causa is an academic degree for which a university has waived the usual requirements, such as matriculation, residence, study, and the passing of examinations...
DoctorateDoctorateA doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder to teach in a specific field, A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder...
from Handelshochschule LeipzigHandelshochschule Leipzig (HHL)Handelshochschule Leipzig - Leipzig Graduate School of Management is a private business school in the German state of Saxony. It is one of the world's oldest Business Schools, having been established in 1898... - 2005: Peter Stihl Prize
Further reading
- Ulrich Viehöver: Der Porsche Chef. Wendelin Wiedeking - mit Ecken und Kanten an die Spitze. Frankfurt am Main: Campus, 2003. ISBN 3-593-37207-X. Review in Die WeltDie WeltDie Welt is a German national daily newspaper published by the Axel Springer AG company.It was founded in Hamburg in 1946 by the British occupying forces, aiming to provide a "quality newspaper" modelled on The Times...
of October 13, 2003)