Porsche AG (POAHY) has appointed Dr. Michael Leiters as its new CEO, effective January 1, 2026.
He succeeds Dr. Oliver Blume, who led the company for a decade and will continue as CEO of Volkswagen Group. Chairman Dr. Wolfgang Porsche praised Blume for steering Porsche through challenging times, achieving record financial results, a successful IPO, international expansion, and major motorsport wins. He also commended Blume's long-term approach to leadership transition.
Blume said his decision to step down was in Volkswagen Group's best interests, expressing confidence in Leiters' ability to lead Porsche's next phase. He noted that Porsche has realigned its structure and product strategy to adapt to shifts in key markets like the U.S. and China, ensuring strong positioning for the future.
Leiters, currently CEO of McLaren Automotive and former Ferrari CTO, previously spent over 13 years at Porsche overseeing the Macan and Cayenne series. Dr. Wolfgang Porsche said Leiters' extensive automotive experience and leadership make him well-suited to guide Porsche AG through upcoming challenges.
POAHY currently trades at $3.93 or 1.03% higher on the OTC Markets OTCPK.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.