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Porsche announced Friday that Michael Leiters, former head of British supercar brand McLaren, is a potential candidate to succeed current CEO Oliver Blume. The German sports car maker, which is facing challenges related to weak demand and a difficult transition to electric vehicles, stated that talks will be initiated with Leiters, who led McLaren from 2022 until April this year.
Blume has for several years been boss of both Volkswagen and Porsche, one of the auto titan's subsidiaries, but has faced pressure to drop the dual role and focus on overhauling the broader VW group. Leiters previously worked at Porsche for 13 years as well as at Italy's Ferrari.
Talks would begin with Blume about "a mutually agreed early termination" of his CEO post, added Porsche. Tabloid Bild reported Blume would give up the CEO role next year. Like other German carmakers, Porsche has been struggling with weak demand in Europe and fierce competition in China while tariffs in the United States, its top market, have added to headwinds.
Last month, the maker of the iconic 911 sports car also hit the brakes on its shift to electric vehicles, saying demand had moved more slowly than expected.
It announced measures including delays in introducing some fully electric cars and extending the lifespan of some combustion engine and hybrid models, with VW warning the changes would deliver a hefty financial hit. In February, it announced 1,900 job losses and has warned of more cost cuts ahead. And last month Porsche dropped out of Germany's blue-chip DAX index after its shares tanked. The broader VW group, which makes 10 different brands including Audi and Skoda, has been struggling with the same kind of issues afflicting Porsche. It announced last year plans to cut 35,000 jobs in Germany by 2030.
