Blume leaves Porsche leadership: double assignment with Volkswagen at the end of the line

After ten years at the helm of Porsche and just over two years at the helm of Volkswagen at the same time, Oliver Blume is preparing to step down as CEO of the Zuffenhausen-based company. The decision, announced by Bild and confirmed in a press release, closes a controversial chapter in the German group's governance. Blume will continue as CEO of the Volkswagen group, while Porsche has begun negotiations with Michael Leiters, former CEO of McLaren Automotive, who has been mentioned as a potential successor.

Porsche's supervisory board, according to German sources, has already agreed on the succession, which will be formally voted on at its meeting on 24 October. With Blume's exit, expected during 2026, the dual leadership, which had caused growing discontent among investors, comes to an end.

Since taking office at the helm of both companies in September 2022, Blume had faced scepticism from the markets and institutional funds, which considered the dual responsibility untenable. 'The separation of roles is good news: Volkswagen needs a ceo focused on restructuring and the new electric range,' commented Ingo Speich of Deka Investment, a shareholder in both companies.

And indeed, the numbers have not helped Blume. Since the dual appointment, Volkswagen's share has lost more than a third of its value, while Porsche, which entered the stock market in 2022 with high expectations, has fallen by more than half, until it dropped off the Frankfurt Stock Exchange's main list, the DAX, last month. A slump that reflects the sporting brand's operational difficulties, grappling with slumping sales in China and a strategy on electrics that has clearly been called into question.

Only a few weeks ago, Blume admitted that the total transition to electrics would take longer than expected, announcing a partial return to internal combustion engines, a symbol of the brand's historical identity. A costly reversal, requiring new investments and industrial reorientation.