- Porsche CEO Oliver Blume is stepping down after 10 years in the role.
- McLaren’s recently departed boss Michael Leiters will be his replacement.
- Blume will continue as VW CEO, having previously run both automakers.
Something’s shifting in Stuttgart – and it’s not just the lean back into combustion-car development. Porsche‘s long-time boss, Oliver Blume, will step down as CEO of the sports car specialist (yes, Weissach nowadays makes much more, but that’s still its calling card…) and former McLaren head Michael Leiters has been chosen as his replacement.
Blume has been at the helm of Porsche for a decade and took on the added role of Volkswagen chief three years ago. But stockholders who have watched their assets shrivel say his dual role running both Porsche and parent company Volkswagen Group has stretched him too thin.
Shares And Sales Dropped, Workers Weren’t Happy
Shares at Volkswagen have fallen almost 30 percent during Blume’s tenure, while Porsche’s stock has halved since its 2022 listing. The decisive moment came after yet another profit warning, weak sales in China, and a push shift into electric vehicles that hasn’t delivered fast enough for the market.
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Employees also chimed in, and they weren’t on Blume’s side. “The CEO cannot be a part-time boss in Wolfsburg and spend the rest of his time at Porsche. This situation must end,” VW Works Council Chair Daniela Cavallo said a few weeks ago during a staff meeting according to Germany’s Bild.
“As CEO of Porsche AG, Dr. Oliver Blume has taken great responsibility in challenging times and successfully managed the company. The Supervisory Board of Porsche AG would like to thank Dr. Blume for his strong commitment. We look forward to continuing to work closely and trustingly with him as CEO of Volkswagen Group”, the company’s official statement reads.
So Blume will step back from Porsche but continue in his role as VW chief and Leiters will take over the big chair at the sports car company.
Leiters came to McLaren in 2022 having previously worked at Ferrari developing the SF90 and 296 hybrids, but he’s German by birth and a known quantity in Stuttgart as he worked at Porsche between 2000 and 2013, helping create the Cayenne Hybrid.
Putting On A New Face
Leiters could represent a return to form for Porsche. With engineering chops, a clear luxury-sport mindset, and inside knowledge of the brand’s DNA, he could help refocus Porsche on what it does best.
The company recently revised its electrification strategy, pledging to put more money into new combustion vehicles and extending the life cycles of those already on sale.
A planned range-topping SUV, codenamed K1 and designed to sit above the Cayenne, was conceived as an EV, but will now get combustion and hybrid powertrains instead.
Porsche has also begun work on replacement for the ICE-powered Macan to sell alongside the new Macan Electric, and has even revealed that the new 718 Boxster and Cayman EVs will be modified so combustion powertrains can be offered to the wealthiest buyers.
Blume’s departure likely won’t change those plans, and is as much about optics as it is about performance. Think of it as a way to show investors that Porsche is being proactive about turning the ship around.
