Blume to quit Porsche CEO role amid investor pressure, shares fall 45% since IPO

Porsche has begun searching for a new chief executive as Oliver Blume prepares to step aside, ending a dual leadership that has long worried investors.

Blume, who has been running both Porsche AG and its parent Volkswagen AG since 2022, will focus on leading Volkswagen, according to German business magazine WirtschaftsWoche. Talks are under way with Volkswagen’s supervisory board, Porsche’s works council, and the powerful Porsche and Piech families, who control most voting rights through Porsche SE.

The decision marks a turning point for Porsche, which has struggled with falling sales and a painful restructuring. Its second-quarter profits dropped more than 90% as demand for sports cars weakened in China, while tariffs in the U.S. pushed prices higher. Investors also remain uneasy about the slow shift to electric vehicles.

Since Porsche’s 2022 stock market debut, its shares have fallen by nearly 45%, wiping billions off its market value. At the time of listing, Porsche was valued higher than Volkswagen. Today, it faces investor skepticism that Blume’s divided attention has weighed on performance.

A successor is expected to be named by autumn, with the handover completed in early 2026. Both internal and external candidates are being considered, WirtschaftsWoche reported.

Blume has often said the dual role was never meant to be permanent, but the exact timing remained open. His departure from Porsche is seen as a relief for many shareholders, who have pressed for a dedicated CEO to steer the luxury automaker through its transition.

For Volkswagen, the change could free Blume to tackle the group’s broader challenges, including slowing electric vehicle sales, intensifying competition from China, and the pressure of meeting Europe’s climate rules.

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