Porsche has started the search for a successor to CEO Oliver Blume, a move that likely signals the end of his dual role leading both Porsche and parent company Volkswagen.
Blume’s simultaneous leadership of the luxury sports car maker and Volkswagen has been a point of contention among investors since Porsche’s public listing in September 2022. Shareholders have repeatedly called for him to step down from one of the roles, citing governance concerns. While Blume has said the dual role was never intended to be permanent, he added earlier this month that no formal date has been set to separate the positions, News.Az reports, citing Reuters.
Volkswagen, Porsche AG, and Porsche SE, the family-controlled investment vehicle holding most of Volkswagen’s voting rights, declined to comment. Porsche shares rose 1.1% following reports, first published by WirtschaftsWoche, which cited company and financial sources saying the appointment is expected in autumn, with both internal and external candidates being considered.
Analysts say a new CEO would address corporate governance concerns and allow Blume to focus on Volkswagen amid growing structural challenges in the automotive industry. Porsche is currently navigating a costly restructuring due to weak demand for sports cars in China, a slow transition to electric vehicles, and rising U.S. tariffs, prompting the company to lower its full-year profitability target. Since its 2022 listing, Porsche’s shares have fallen by about 45% despite a higher valuation than Volkswagen.
