Who Will Replace Oliver Blume as Porsche CEO?

From the legendary 911 and the 917 racing car made famous by Steve McQueen, to the ground breaking electric Taycan, Porsche AG has been crafting iconic cars for nearly 80 years.

But with high pressure business environments, and rising difficulties from decreasing sales in China and US tariffs, the firm has reported decreases across sales and revenue in its 2024 fiscal year report.

Porsche is reportedly in talks with Michael Leiters, the former leader of McLaren Automotive Ltd to help turnaround the firm.

According to Reuters Porsche said in a 17 October statement: “Negotiations with Dr Leiters will be initiated”, referencing that the supervisory board has authorised the body to begin talks with CEO Oliver Blume about the end of his tenure.

The automaker has reportedly been under pressure by stakeholders to replace Oliver for a while over concerns that his dual role as CEO of Porsche and Volkswagen AG is too unconventional and concerns investors.

Oliver has been the CEO of Porsche since October 2015, and took on the additional role at Volkswagen three years ago.

In an interview with the German Press Agency on 15 October, he said: “I’ve always said: my dual role is not designed to last forever.”

Who is Michael Leiters?

Before becoming CEO of McLaren, Michael spent over 13 years at Porsche in roles including Executive Assistant to the CEO and Product Line Director, before becoming Chief Technology Officer at Ferrari.

In April 2025, McLaren announced he would be stepping down from his role, with the exec stating: “I am honoured to have led McLaren over the past three years. I am thankful to have worked alongside such a dedicated and talented team.”

During his tenure, McLaren says he oversaw the launch of the 750S, the launch of the new Artura Spider and Coupe, SolusGT and the W1, named as the “next chapter in McLaren’s legendary ‘1’ car lineage”.

Pressure on the CEO

According to the German car manufacturer’s most recent financial report, it posted sales revenue of €40.083m (US$46.87m) in the fiscal year of 2024 - a decrease of 1.1% on the prior year.

The report says this corresponds to a 6.3% decrease in unit sales compared to the prior-year period, which Bloomberg suggests is down to a decrease in sales in the large Chinese market.

Shares in Porsche fell as much as 9% and VW dropped 8% on 13 October after the company warned of a €1.8bn (US$2.1bn) hit to its full-year operating profit.

Patrick Hummel, USK analyst, told the Financial Times: “Porsche is still a very complex case for the next few years so the sooner the better that they have a full-time CEO.”

The global car industry has struggled with the expensive and slower than expected transition to EVs in Europe and the US.

Porsche announced in September that it would delay its rollout of EVs and prolong internal combustion engine products, calling the move a “comprehensive strategic alignment plan”.

It said it would scrap the planned release of a new range of EVs positioned above the Cayenne and “strategically reposition its battery activities and expand its product portfolio to include additional models with combustion engines and plug-in-hybrid systems”.

Porsche predicts this will result in total expenses of €1.3bn (US$1.5bn) in the 2025 fiscal year.

Discussing this redirection, Oliver said: “This has noticeable impact on our earnings, but we accept that. It is necessary to ensure that Porsche remains robust and highly profitable.”

While Porsche is reportedly looking for a new CEO to give its undivided attention to the firm’s profits and competitiveness, Oliver is set to continue as the leader of Volkswagen.