German luxury car maker Porsche has said chief executive Wendelin Wiedeking and financial director Holger Haerter have resigned “with immediate effect”.
The news comes as the boards of Porsche and Volkswagen (VW) meet over competing plans for takeovers and new investors.
Earlier Porsche, which owns 51% of VW, said it would increase its capital by at least 5bn euros ($7.10bn; £4.3bn).
And Porsche’s board endorsed negotiations for the sale of a stake to Qatar to bolster its balance sheet.
The statements came after an all-night meeting on the future of the company. It follows a power battle between Mr Wiedeking and the head of VW’s supervisory board, Ferdinand Piech.
In a statement the Stuttgart-based carmaker said Mr Wiedeking – one of the top-paid executives in Germany – will get a leaving package worth 50m euros.
Half of that money will go to a “social foundation”. Meanwhile Mr Haertner will get a payoff of 12.5m euros.
Source: BBC News