Agency Report –
Stuttgart – The Volkswagen luxury sports car subsidiary Porsche is planning a reshuffle of its board.
The German car manufacturer stated in a mandatory financial market disclosure that the chairman of the supervisory board, Wolfgang Porsche, has been tasked with conducting talks with two board members about an amicable early departure from the board.
According to the announcement, the individuals in question are Lutz Meschke, the deputy chairman of the board and board member for finance and IT, as well as Detlev von Platen, board member for sales and marketing.
No reason for the step was given in the announcement.
Porsche’s share price has significantly declined as it struggles, among other things, with weak business in China.
The company sold fewer cars last year than in 2023. Worldwide deliveries fell by 3% to around 310,700 vehicles, while in China there was a sharp 28% fall.
In the first nine months of last year, Porsche generated sales worth €28.56 billion ($29.6 billion), down 5.2% on the same period the year prior. Operating profit collapsed by 26.7% to €4.04 billion.
By Oliver Schmale
