STUTTGART (dpa-AFX) - Porsche AG (POAHY) has appointed Dr. Michael Leiters as its new CEO, effective January 1, 2026.
He succeeds Dr. Oliver Blume, who led the company for a decade and will continue as CEO of Volkswagen Group. Chairman Dr. Wolfgang Porsche praised Blume for steering Porsche through challenging times, achieving record financial results, a successful IPO, international expansion, and major motorsport wins. He also commended Blume's long-term approach to leadership transition.
Blume said his decision to step down was in Volkswagen Group's best interests, expressing confidence in Leiters' ability to lead Porsche's next phase. He noted that Porsche has realigned its structure and product strategy to adapt to shifts in key markets like the U.S. and China, ensuring strong positioning for the future.
Leiters, currently CEO of McLaren Automotive and former Ferrari CTO, previously spent over 13 years at Porsche overseeing the Macan and Cayenne series. Dr. Wolfgang Porsche said Leiters' extensive automotive experience and leadership make him well-suited to guide Porsche AG through upcoming challenges.
POAHY currently trades at $3.93 or 1.03% higher on the OTC Markets OTCPK.
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