Porsche He started the search for a new CEO, putting an end to the double mandate that saw the number one of the luxury car house also driving the parent company Volkswagenwhich holds its entire capital, except the shares listed on the stock exchange starting from 2022
The insistent requests of shareholders
The double mandate of Oliver Blume, the current CEO of Porsche and Volkswagen, has been poorly digested by Porsche’s shareholders since its listing on the stock exchange in 2022. The listing had also seemed a good opportunity for a change of governance, which has always been postponed so far.
Several times the shareholders have asked for Blume’s resignation from one of the two positions, for problems related to governance, but the number one of the group has always been evasive, specifying that the double role had only temporary nature, but never giving a date defined for a change of driving. Once again, this month, the CEO said that a date has not been set for the termination of the relationship, adding “we will see how it will go this year”.
The arrival of Blume’s successor expected in the autumn
Despite the pressing requests of shareholders, the group has held the current governance, in the face of a complex and pyramidal company structure that sees Volkswagen in the field, the controlled Porsche AG (car house) and the Porsche holding holding se (investment vehicle of the Porsche and Piech founding families) which in turn controls Volkswagen.
However, the times would be mature for a gearbox at the top. According to the WirtschaftSwoche magazine, which cites company and financial sources, negotiations for succession are underway, with both internal and external candidates in the evaluation phase. The appointment is scheduled for autumn.
Porsche’s trend on the Frankfurt Stock Exchange
At the news of a possible change of governance, the Porsche shares are gaining 1.17% to the Frankfurt Stock Exchange, but the title since the beginning of the year is still loss of 20%. From the listing in 2022, Porsche lost about 45%.
The sports car house, among other things, is going through a very difficult period, like the whole automotive sector and also in line with the luxury sector. To the economic crisis and the weak Chinese demand, the difficulties of the EU in carrying out the transition to electric vehicles and, lastly, the mannaia of the duties imposed by President Trump on imports in the USA were added. All factors that weighed on the accounts, forcing Porsche to review the profitability targets for the current year.
