Newscasts - Porsche launches talks with Blume to end CEO role, company says

Porsche Automobil Holding SE

17/10/2025 11:14

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Source: 'Reuters - Business videos'

Description: Leading members of Porsche's supervisory board have authorised the start of discussions with chief executive Oliver Blume about terminating his contract with the luxury carmaker, the company said on Friday in a statement. Ciara Lee reports.

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Video Transcript:

Leading members of Porsche's Supervisory Board have authorized the start of discussions with Chief Executive Oliver Blume about terminating his contract with the luxury carmaker. The company announced the news on Friday in a statement. It said Blume will continue to serve as CEO of Volkswagen, which owns Porsche. The company named Michael Leiters, who is former CEO of McLaren as a potential successor and said negotiations would be initiated with him. Pressure has mounted on Blume, who's led Porsche for ten years to give up one of the jobs. Both companies face major challenges from tariffs, weak Chinese demand, and a costly shift to electric vehicles. Since Blume took the helm at both automakers, shares in VW have fallen by more than a third, while Porsche's stock is down by more than half. Both VW and Porsche are undergoing restructuring. Some investors have said that requires the undivided attention of a CEO for each company.