Porsche is reportedly searching for a new chief executive officer (CEO) to succeed Oliver Blume, as investor pressure mounts for him to relinquish his dual position and concentrate on addressing major challenges at Volkswagen Group.
Confidential sources report that the Porsche-Piëch family, which owns the Porsche brand, has engaged in talks with several potential candidates to lead the iconic German sports car manufacturer, reported Bloomberg, citing familiar sources.
The search is said to have narrowed down to one candidate from within the company and another external prospect.
Blume, who has been at the helm of Porsche since 2015, retained his position even after taking over from Herbert Diess as CEO of VW Group in 2022.
However, his concurrent leadership roles have raised investor concerns as both automakers face obstacles such as US tariffs, diminishing profits, and a sales downturn in the crucial Chinese market.
This year, Porsche has revised its financial forecast downward on two occasions, while its parent company, VW Group, undergoes a significant restructuring.
Spokespeople for both Porsche and VW have refrained from commenting on the matter.
The German publication WirtschaftsWoche was the first to report on the ongoing succession discussions.
Blume has previously stated that his dual role at the helm of VW and Porsche was intended to be a temporary arrangement.
During a recent earnings call, he indicated his desire to guide the company through the “immediate challenges”, including US tariffs and a second round of labour negotiations, prior to stepping down from his role.
Corporate governance has long been a contentious issue at VW and Porsche, with minority shareholders voicing concerns over executives holding multiple board positions and the controlling family's influence over significant decisions.
Speculation about Blume's successor has been rife in the German media for months. Michael Steiner, Porsche's research and development head, who was recently appointed as Blume's deputy, is regarded by company insiders as one of the contenders for the CEO position.
Porsche’s operating profit in the first half of 2025 plunged by 67% to €1.01bn, a steep decline from €3.06bn during the corresponding period the previous year.
