Leadership change amid strategic turbulence
Luxury carmaker Porsche has appointed Michael Leiters, former CEO of McLaren and former CTO at Ferrari, as its new chief executive starting early 2026, replacing Oliver Blume. The news was welcomed by investors, sending Porsche shares up 1.6%.
Leiters previously worked at Porsche from 2000 to 2013, where he played a key role in developing the Cayenne SUV. He takes over as the company faces falling sales in China, U.S. import tariffs, and the costly decision to abandon its electric vehicle ambitions in favor of combustion engines, according to Reuters.
“It’s, in a way, a poisoned chalice,” said Andy Palmer, former Aston Martin CEO. “He’s walking into a storm. It wouldn’t be easy for anyone… but I think Michael has the experience needed.”
Read full article here: turnovernews.com
Read also: Porsche alters course, causing Volkswagen billions in losses
Photo: Autocar UK
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