Porsche has started the search for a new CEO to replace Oliver Blume, signaling the likely end of his dual leadership role at Porsche AG and Volkswagen. Here’s what it means for corporate governance, investors, and the future of Porsche.
Porsche has officially begun the process of finding a successor to CEO Oliver Blume, signaling the beginning of the end for his highly debated dual leadership role at Porsche AG and its parent company Volkswagen.
The move comes amid rising shareholder pressure, ongoing corporate governance concerns, and a challenging market backdrop for Porsche, which is facing slowing sports car demand in China, trade headwinds in the U.S., and the costly transition to electric mobility.
Background: A Dual Role Under Scrutiny
Blume has been at the helm of Porsche AG since 2015 and took on the additional role of Volkswagen Group CEO in 2022 following Herbert Diess’s departure.
While the dual post was initially pitched as a transitional arrangement, investors and analysts have long criticized the setup for creating potential conflicts of interest. Key concerns include:
- Allocation of time and resources between two giant automotive companies.
- Corporate governance risks, with Porsche listed separately in 2022 but still tightly linked to VW through the Porsche-Piëch family holdings.
- Strategic clarity, particularly with both companies simultaneously navigating one of the most complex industry transitions in history.
At Porsche SE’s annual general meeting in May 2025, the Porsche and Piëch families reaffirmed their support for Blume. However, recent reports suggest succession talks are already underway, with an appointment expected as early as this autumn.
Market Reaction
The news was first reported by German outlet WirtschaftsWoche and quickly reflected in the stock market.
- Porsche shares rose nearly 1% to €46.52 following the update.
- This uptick comes against a broader downward trend — since Porsche’s September 2022 IPO, shares have fallen by about 45%, reflecting weaker-than-expected EV demand and investor concerns over profitability.
For context, Porsche’s IPO was Europe’s largest listing in over a decade, valuing the company higher than Volkswagen at launch.
Potential Successors: Who Could Take Over?
According to reports from Handelsblatt, several names are being considered:
- Michael Steiner – Porsche’s current Board Member for R&D and Blume’s deputy. Seen as an insider favorite with deep product and innovation expertise.
- Stefan Weckbach – VW Group Head of Strategy, formerly involved in Porsche’s Taycan project, strong on EV strategy.
- Frank-Steffen Walliser – CEO of Bentley, another VW Group luxury brand, with prior Porsche engineering leadership.
- Klaus Zellmer – CEO of Skoda, former Porsche executive with global market experience.
Both internal and external candidates are reportedly under review. Porsche has declined to comment on individual names.
Why This Matters: Corporate Governance & Strategy
Analysts suggest that splitting the CEO role will ease investor concerns and help both Porsche and Volkswagen sharpen their focus.
Pal Skirta, Analyst at Metzler Equities, noted:
“Such a move would alleviate corporate governance concerns, especially regarding resource allocation and decision-making at two of Europe’s most significant automakers.”
This comes at a time when:
- Porsche is restructuring its operations to cut costs.
- The company has lowered its 2025 profitability target due to weaker Chinese demand and higher U.S. tariffs.
- The brand is investing heavily in next-generation EV platforms, including successors to the Taycan and the electric Macan.
Porsche’s Current Challenges
Porsche is not immune to industry-wide headwinds:
- China slowdown: A critical market for Porsche, demand for luxury sports cars has weakened amid economic uncertainty.
- EV transition struggles: While the Taycan was initially a strong performer, newer rivals (Tesla, BYD, Lucid) are eroding Porsche’s early advantage.
- Tariff pressures: Increased U.S. import tariffs on European cars have dented profitability.
- Restructuring costs: Ongoing investment in electrification, software, and production facilities is weighing on margins.
Conclusion: A Critical Turning Point
The search for Oliver Blume’s successor represents more than just a leadership shuffle. It’s a pivotal governance moment for Porsche, as the company seeks to regain investor confidence while navigating a difficult transition to electrification.
Whether Porsche appoints a seasoned insider like Michael Steiner or looks externally for fresh leadership, the decision will shape not just Porsche’s trajectory but also its relationship with Volkswagen Group in the coming years.
For now, investors seem cautiously optimistic — but with shares still down nearly half since the IPO, the new CEO will face enormous pressure to deliver on performance, innovation, and shareholder value.
