Both CEO and CFO Resign From Porsche Clearing Way For Merger

In a sign that the long tug of war between Volkswagen and Porsche is almost over, the sports car maker announced early Thursday that Wendelin Wiedeking, Porsche’s longstanding chief executive, would step down, clearing the way for a merger of the two companies.

The announcement, made after an extraordinary meeting of Porsche’s supervisory board that began late Wednesday and lasted into the night, said Mr. Wiedeking would be replaced by Michael Macht, another board member until now in charge of production and logistics.