"Oliver Blume is to step down as the CEO of German sports carmaker Porsche, the firm said on Friday. He also serves in the same role in Volkswagen Group, Porsche's parent company, a dual position that has attracted significant criticism amid years of struggles for the German car industry. Blume will remain at the helm of Volkswagen, Porsche's supervisory board said in a statement. He has been CEO of Porsche since 2015 and took over at Volkswagen in 2022 after the resignation of Herbert Diess."
"Porsche said that Blume's likely replacement is Michael Leiters, who had previously served as the CEO of UK-based sports car company McLaren. What was the criticism of Blume's dual position at both Porsche and Volkswagen? Shareholders had voiced considerable criticism of Blume filling the role of CEO in both Porsche and its parent company, arguing that this represented an overly challenging workload as well as a potential source of conflicts of interest."
Oliver Blume will step down as CEO of Porsche but will remain CEO of Volkswagen. He became Porsche CEO in 2015 and took over at Volkswagen in 2022 after Herbert Diess resigned. Porsche named Michael Leiters as the likely replacement; Leiters previously led McLaren. Shareholders criticized Blume for holding CEO roles at both Porsche and its parent company, citing excessive workload and potential conflicts of interest. Hendrik Schmidt of DWS described Blume as a "part-time CEO." Blume had argued that serving both firms was advantageous. The supervisory board announced the changes and indicated further updates will follow.
Read at www.dw.com
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