The Sportwagenbauer Porsche has apparently initiated the search for a successor for CEO Oliver Blume.
Investors have recently increased pressure that Blume should give up his double role at Porsche and the group mother Volkswagen and concentrate on VW, the Bloomberg news agency writes on Wednesday, citing informed people. The “Wirtschaftswoche” had previously reported about it. The shares of Porsche and Volkswagen then gained.
The owner family Porsche-Piëch had talks with potential candidates for the top post of the sports car manufacturer, said Bloomberg. The talks were extended to an internal and an external manager, said one of the news agency’s persons. Blume has been running Porsche since 2015 and also retained this position after he replaced Herbert Diess as CEO at Volkswagen seven years later.
His double function gives investors cause for concern because the two car manufacturers have to struggle with US tariffs, falling profits and declining sales in the key market in China. Porsche has reduced its view twice this year, while Volkswagen is in the middle of a restructuring process. Spokesman for Porsche and Volkswagen initially rejected a statement.
Porsche AG clearly in plus
Porsche AG’s shares reacted on Wednesday with a course jump to media reports on a withdrawal from CEO Oliver Blume. In the morning, the papers of the sports car manufacturer recently gained 1.28 percent as the best value in the subsequent Dax to EUR 46.69. For Volkswagen’s papers, it is temporarily down to EUR 100.90 by Xetra. In early trade, they were even climbed up to 3.8 percent to the highest level since mid -May.
In the previous course of the year, however, the titles of the Zuffenhausen team with a price drop of almost 20 percent are among the weakest stocks in the German leading index. The reason for this is that Porsche with US tariffs, falling profits and declining sales in the key market in China and has already reduced its outlook twice this year.
/NAS/MNE/STK
Stuttgart (dpa-Afx)
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