The automaker also announced delays in the market launch of several fully electric vehicles.
Porsche announced that starting in 2026, the company will be led by Michael Leiters, the former head of McLaren. He will replace Oliver Blume, who has been at the helm of Porsche since 2015. Since 2022, he has also led Volkswagen.
Michael Leiters, who headed the English automaker McLaren until April 2025, will take over as chairman of the board of Stuttgart's Porsche from Oliver Blume on January 1, 2026, dpa reported, citing a decision by the company's supervisory board.
"After ten years at Porsche AG, I have decided to hand over my powers to my successor at the end of the year in the interests of the Volkswagen Group," Blume explained. He has led Porsche since 2015 and has combined this role with that of CEO of Volkswagen Group since 2022. The Volkswagen Group also owns the automaker Porsche.
The supervisory board stated that Leiters is ready to lead Porsche. The parties are now prepared to begin negotiations. Previously, Leiters worked for the German automaker for 13 years, held positions at the Italian Ferrari, and has been leading McLaren since July 2022.
The decision to separate the two leadership positions was made against the backdrop of problems at Porsche. Demand for electric sports cars has been lower than expected. Car sales in China have plummeted, and products exported to the U.S. are now subject to high tariffs. All of this, among other factors, led to a 91% drop in Porsche's automotive business profits in the second quarter of 2025.
Additionally, in September, Porsche fell out of the German stock index DAX, which includes the country's largest companies, due to a decline in stock prices. The automaker also announced delays in the market launch of several fully electric vehicles and announced the closure of its battery production project.
To rectify the situation, Stuttgart plans to cut about 1,900 jobs by 2029. By that time, contracts with approximately two thousand employees will also expire. They are unlikely to be extended. Furthermore, Porsche's management is currently negotiating other cost-saving measures, including additional layoffs.
The cost-cutting will also affect the entire Volkswagen Group. By 2030, the group plans to cut nearly one in four employees working in Germany. At the same time, the company will strive to do this without citing production necessity as the reason for layoffs.
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