By Christina Amann
BERLIN (Reuters) -Porsche has launched the search for a successor for CEO Oliver Blume, who will give up the position to focus on his role as head of parent company Volkswagen, German business magazine WirtschaftsWoche reported on Wednesday.
Blume’s dual role as head of Volkswagen and Porsche AG has been a contentious issue among shareholders since Porsche’s listing as a separate company in September 2022.
Volkswagen did not immediately respond to a request for comment. Porsche declined to comment on the matter.
Talks are taking place between Blume, Volkswagen’s supervisory board chairman, the works council and representatives of the Porsche and Piech families, WirtschaftsWoche reported, citing high-ranking company and financial sources.
The Porsche and Piech families hold most of the voting rights in Volkswagen through their holding firm Porsche SE.
The appointment is expected to be announced in autumn and implemented by early 2026, the magazine reported, with both internal and external candidates being considered for the role.
Blume has repeatedly stated that the dual role was not designed to last forever but left the end date open.
Porsche is undergoing a costly restructuring process as it contends with weak demand for its sports cars in China, a sluggish transition to electric vehicles and the U.S. tariff hike on auto imports. In the second quarter, its profits slumped by over 90%.
Investors have been losing patience with Blume at Porsche, calling for a quick handover of the top job, so he can focus on Volkswagen’s problems, and raising concerns that the dual role could be causing discounts on Porsche’s share price.
Shares in Porsche, which at its stock market debut in 2022 had a higher valuation than Volkswagen, have since fallen about 45%.
(Reporting by Christina Amann; Writing by Miranda Murray and Rachel More; Editing by Christian Schmollinger and Tomasz Janowski)
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