FRANKFURT (Reuters) – Volkswagen and Porsche CEO Oliver Blume said his dual role at the helm of both companies was not meant to last forever but was necessary to complete the restructuring underway at the brand and wider group, WirtschaftsWoche magazine reported on Friday.
Porsche replaced its CFO and sales chief late last month, after both came under heavy criticism for the company’s poor performance and weak share price.
Its parent group Volkswagen is also in the midst of a restructuring and cost-cutting drive to streamline its finances in the face of cheaper rivals encroaching on Europe from China.
Blume only intends to keep his role as head of both companies, which some investors have criticised ever since Porsche listed on the stock market in September 2022, until both processes are complete, WirtschaftsWoche reported.
“My dual role is important for the tasks at hand but not designed to last forever,” he said.
(Reporting by Ludwig Burger, Victoria Waldersee; Editing by Himani Sarkar and Miranda Murray)
