Wiedeking's right-hand man takes over as Porsche chief

Wiedeking's right-hand man takes over as Porsche chiefStuttgart - Michael Macht is taking over as Porsche chief, having helped the legendary sports carmaker's outgoing head to steer the company through some of its most turbulent times.

After nearly a decade as Porsche's production chief, the 48-year Macht is seen as a protege of Wendelin Wiedeking, who stepped down early Thursday after 16 years of running the company and after losing a bruising power struggle over the future of the sports car group.

Macht joined Porsche in 1990 just as the business pressures were mounting at the automotive group, with Wiedeking assuming the company's top job three years later after the iconic sports carmaker had plunged into a loss and amid concerns that it could be forced into bankruptcy.

Working together with Wiedeking as his right-hand man, Macht helped to introduce leaner production both at Porsche's main factory in southwest Germany and among its suppliers.

Macht also oversaw a rise in Porsche's production as the company's shares powered ahead and sales climbed to record highs.

Last year, Porsche reported 6.3 billion euros in profit, partially because of options it owned in Volkswagen after it attempted to mount its now failed takeover bid for VW.

But recent years have been tough for the global car business as the world economic downturn hit automotive sales, in particular those of luxury vehicle manufacturers such as Porsche. (dpa)