Porsche AG (P911.DE) has begun the search for a new CEO to replace Oliver Blume, responding to growing pressure from investors demanding that he end his dual role and focus on the challenges facing Volkswagen. The Porsche-Piëch family is in talks with potential candidates both inside and outside the company, and discussions have already progressed to the selection of two managers. Blume has been at the helm of Porsche since 2015, not stepping down from this role even after taking over as CEO of Volkswagen in 2022. Investors fear that Blume's dual responsibilities are hindering effective implementation, especially in the context of US tariffs, falling profits, and declining sales in China. Porsche has already lowered its financial forecasts twice this year, and Volkswagen is undergoing restructuring.
Spokespeople for both brands declined to comment, and German media have been speculating for months about a possible successor. One candidate is Michael Steiner, Blume's current deputy at Porsche. Blume emphasized that his dual role is temporary, declaring his departure after resolving the most pressing issues, such as wage negotiations and tariffs in the US. Governance, or corporate management, has long been a problem for Volkswagen and Porsche. Porsche shares (P911.DE) attempted to rebound today after the news was released, rising as much as 3.8%, but have now erased much of that gain. Porsche's share price has already lost 20% over the year, reflecting investor sentiment towards the company's personnel situation and results.
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Source: xStation
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