Leiters to become Porsche CEO & Blume’s VW contract is extended

Rumours that VW and Porsche CEO Oliver Blume would concentrate solely on Wolfsburg had circulated for some time – but things moved quickly on Friday. After reports surfaced that Blume’s withdrawal from Porsche was imminent and a successor had been found, Porsche confirmed that the Supervisory Board was negotiating with former McLaren boss Michael Leiters to become the next CEO of the sports car manufacturer.

Following the Supervisory Board meetings of Porsche and later Volkswagen, both companies approved the move, announcing it after market close in the evening: “The Supervisory Board of Porsche AG has appointed Dr. Michael Leiters as CEO of Porsche AG, effective as of January 1, 2026. Dr. Oliver Blume, who has led Porsche AG as CEO for ten years, will continue to serve as CEO of Volkswagen Group,” Porsche stated.

Shortly afterwards, Volkswagen confirmed that Blume’s dual role would end at the turn of the year. “The Supervisory Board of Volkswagen Aktiengesellschaft resolved on Friday to conclude a new agreement with Mr. Blume for a term of five years, starting on 1 January 2026. This means Mr. Blume will continue as Volkswagen AG’s CEO until the end of 2030,” VW said.

“In the last three years, Oliver Blume has impressively demonstrated his ability to advance and develop the Volkswagen Group’s strategy and business operations in a challenging environment. The Supervisory Board is confident that, with Mr. Blume on board, it will continue to successfully tackle the tasks ahead together with the Board of Management team,” said the Chairman of the Supervisory Board, Hans Dieter Pötsch. Wolfsburg provided no further details – after all, little changes at group level, except for the CEO’s contract term.

Blume stands for success – but also for risk

Porsche issued a more detailed statement, as the sports carmaker faces a significant transition after ten years under Blume. The former Head of Production at Porsche took over as CEO in 2015, after Matthias Müller moved to Wolfsburg as Martin Winterkorn’s successor in the wake of Dieselgate.

Wolfgang Porsche, Chairman of the Supervisory Board of Porsche AG, thanked Blume for his “strong commitment”. “As CEO of Porsche AG, Dr. Oliver Blume has taken great responsibility in challenging times and successfully managed the company,” said Porsche. “We look forward to continuing to work closely and trustingly with him as CEO of Volkswagen Group.”

Porsche highlighted Blume as a driving force behind the company’s “record financial years, the IPO of Porsche AG, and the expansion into further international markets, as well as historic motorsport successes.” He also prepared the generational change within the Executive Board.

What the statement did not mention: Blume also advanced Porsche’s electrification strategy – critics would say he bet on an electric future. Demand has not developed as he anticipated in his product plans – EVs have been delayed, while combustion models have been phased out without immediate replacements. In more than one project, Porsche under Blume relied on risky single-sourcing for key components such as batteries. All this is now proving costly for the company.

Leiters to take over at the turn of the year

“After ten years of responsibility for Porsche AG, I have decided to hand over my duties to my successor at the end of the year in the interests of Volkswagen Group,” Blume said. “I  have had the privilege of developing a great company with a fantastic team. I am delighted that Michael Leiters, an experienced professional in the sports car business, is taking on this role. He and the new management team have my full confidence.”

The name Michael Leiters had already surfaced in the summer as a potential successor to Blume, though he was one of several candidates, as a number of top managers from within both Porsche and the VW Group had their eye on Blume’s position in Zuffenhausen. According to various reports, some lacked the full confidence of all key stakeholders, either missing the technical expertise expected from a Porsche CEO or the executive leadership experience that distinguishes a board-level role from other top management positions.

Leiters meets many of these criteria. He knows Porsche well, having spent 13 years in Zuffenhausen and Weissach – including as assistant to then-CEO Wendelin Wiedeking, who still holds significant respect both within Porsche and among the Porsche family, and as head of the crucial Cayenne and Macan SUV product lines. Leiters then spent eight years as CTO at Ferrari, gaining experience with both combustion and electric performance cars. In 2022, he became CEO of McLaren during the Covid crisis and a difficult financial period for the company. When he left McLaren in April 2025, the sports car maker was back in the black – proof, Porsche hopes, that Leiters understands not only technology but also business. Conditions in Zuffenhausen, as is well known, are currently anything but easy.

Leiters himself did not comment in the official statement, but Wolfgang Porsche spoke about him: “Dr. Michael Leiters has decades of experience in the automotive industry. His leadership style and in-depth expertise are ideal prerequisites for successfully chairing the Executive Board of Porsche AG. He and the entire Executive Board team at Porsche AG enjoy the confidence of the Supervisory Board in overcoming the current challenges.”

Several media outlets reported on Friday that Leiters was already confirmed as Blume’s successor, but the exact timing of the handover had not been fixed because Blume was expected to implement further cost-cutting measures before Leiters took over once Porsche’s realignment was complete. Now that both Supervisory Boards have confirmed 1 January 2026 as the date of transition, it appears the restructuring is settled – even if no details were announced in the official communications.

One potential change remains unconfirmed: while Blume, during his time as Porsche CEO, also sat on the Group Board of Management, Leiters will reportedly not join that body. That would mean that, unlike the VW and Audi brands, Porsche would no longer be represented on the Group Board. However, this has not yet been officially confirmed.

And Blume’s new role still needs to take shape. All three of his predecessors as Group CEO gave up responsibility for their brands – and all lost their Group CEO roles within a few years. Neither Winterkorn, Müller nor Herbert Diess completed their terms; each left office prematurely.

volkswagen-group.com, porsche.com

This article was first published by Sebastian Schaal for electrive’s German edition.