German luxury car maker Porsche has announced the resignation of chairman Wendelin Wiedeking and financial director Holger Haerter.

Both are believed to have received generous golden handshakes. The move is widely seen as connected with Porsche's failure to take over car maker Volkswagen followed by a failed merger attempt. In a reversal, Volkswagen, backed by financiers in Qatar, is now seeking a bigger stake in Porsche.