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Porsche said CEO Oliver Blume will step down from the sports carmaker while remaining at the helm of parent company Volkswagen, ending his much-criticized dual role. Shareholders had warned the arrangement posed an excessive workload and conflicts of interest; one asset manager called him a “part-time CEO.” Porsche named former McLaren chief Michael Leiters as the likely successor. Blume, who led Porsche since 2015, more than doubled its after-tax profit and oversaw a €9.4 billion IPO in 2022, as Germany’s auto industry grapples with intensifying EV competition and VW’s cost crisis.

Prepared by Christopher Adams and reviewed by editorial team.