Porsche initiates CEO succession plan, Blume will gradually step down to focus on Volkswagen's transformation.

According to the finance and economics app Zhu Tong, reports indicate that Porsche (POAHY.US) has initiated the selection process for the successor of CEO Oliver Blume. The executive, who also serves as the head of the Volkswagen Group, will gradually step down from his role as CEO of Porsche in order to focus on addressing the transformation challenges faced by the parent company. Since Porsche completed its IPO in September 2022, Blume's dual role has been a contentious issue in the capital markets.