Volkswagen CEO May Step Down From Porsche Leadership Role
On August 27, Germany's WirtschaftsWoche reported that Porsche has initiated the selection process for a successor to CEO Oliver Blume, as Blume will step down from his position as CEO of Porsche to focus on his role as the head of the Volkswagen Group.
According to the Economic Weekly, citing senior company executives and financial sector insiders, Blume is in discussions with the Chairman of the Supervisory Board of the Volkswagen Group, the Labor Committee, and representatives of the Porsche and Piech families. It is reported that the Porsche and Piech families hold the majority of the voting rights in the Volkswagen Group through their holding company, Porsche SE.
Oliver Blume; Image source: Volkswagen official website
The magazine also reported that the new CEO of Porsche is expected to be announced this fall and officially take office in early 2026. Currently, Porsche is screening candidates both within the group and externally.
The Volkswagen Group has not immediately responded to requests for comment on the aforementioned report, while Porsche has declined to comment on the matter.
Since Porsche's listing as an independent company in September 2022, Blume holding the dual position of CEO for both the Volkswagen Group and Porsche has been a focal point of controversy among shareholders.
Bloom has previously stated multiple times that holding the dual roles of CEO of both Volkswagen Group and Porsche is not a long-term arrangement, but he has never specified a concrete timeline for stepping down as Porsche CEO.
Currently, Porsche is facing multiple challenges: weak demand for sports cars in the Chinese market, a slow transition to electrification, and increased U.S. import tariffs on automobiles. As a result, the company has launched a costly restructuring plan. In the second quarter of this year, Porsche's profits plummeted by more than 90%.
Investors have gradually lost patience with Blume leading Porsche, calling for him to step down from the core position of Porsche CEO as soon as possible to focus on addressing Volkswagen Group's issues. At the same time, investors are concerned that Blume's dual roles may affect Porsche's stock price.
When Porsche was first listed in 2022, its market value once exceeded that of its parent company Volkswagen Group, but as of now, Porsche's stock price has fallen by approximately 45% cumulatively.
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