US EditionPorsche Talks to CEO Candidates to End Blume Double Role
Porsche-Piech family is vetting candidates as investor concerns rise over Blume's dual CEO roles amid Volkswagen Group's tariff, profit, and sales challenges in China.
- Porsche has initiated a search for a successor to Oliver Blume as CEO, following increased investor demands for him to step down from one of his leadership roles with the company and Volkswagen Group by 2025.
- The dual role emerged after Blume became Volkswagen CEO while still leading Porsche, which listed separately in September 2022, though a severance date remains unset.
- Porsche faces challenges including weak demand in China, higher U.S. tariffs, a slow electric vehicle transition, and an ongoing costly restructuring, prompting lowered profit targets.
- Porsche shares dropped about 45% since listing despite a 1.1% gain when the CEO search news emerged, reflecting investor concerns over governance and resource allocation.
- Replacing Blume at Porsche could resolve governance issues and allow him to focus on Volkswagen's challenges amid broader industry pressures like tougher emission targets and competition.
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27 Articles
27 Articles
Porsche launches hunt for next CEO
Porsche has begun the search for a successor to CEO Oliver Blume, a source close to the matter said, signalling what is likely to be the end of his dual role at the helm of the luxury sports car maker and parent Volkswagen.
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·Munich, Germany
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·Berlin, Germany
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Coverage Details
Total News Sources27
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution36% Left, 36% Center
Bias Distribution
- 36% of the sources lean Left, 36% of the sources are Center
36% Center
L 36%
C 36%
R 27%
Factuality
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