Volkswagen shareholders demand ‘part-time CEO’ Oliver Blume finally drop his side job running Porsche

• Three years after his double mission, Blume faces increasing pressure to focus on one Among his jobs that were given conflicting interests and escalating problems in China. “It was clear from the start that the double role was not intended to continue forever,” Blum responds, adding the decision in the end with the councils concerned.

It is very similar to Tesla, Volkswagen is managed by the CEO who divides his week by managing different companies. Like Elon Musk, VW’s Honcho president is likely to be pressured by shareholders to devote more attention to his main car’s work.

While the CEO of Tesla has already pledged to spend more time in Tesla, Oliver Bloom of Volkswagen still has a clear plan for his dispute in the luxury sports car maker Porsche for three years until his term.

He rose to this position after the council sacked its Austrian predecessor, Herbert Des, in the summer of 2022, he chose the original German language to preserve both roles as agreed with the councils of the two companies.

“Volkswagen in Mr. Bloom, the CEO only part -time, who finds himself a neck in the depths of problems,” said Jani WringMment, at the company’s virtual annual meeting on Friday.

In the company’s statement, sent toluckBlume indicated that the decision lies in every non -executive board of directors of the period that the current structure considers useful.

He said in the statement: “I really enjoy both roles and aim to achieve each of them to 100 percent, but it was clear from the start that the double role was not intended to continue forever,” he said in the statement.

Blume pointed out in addition to the recent re -clarification in four main positions C in Porsche as another reason that is still needed in the sports car maker. The manufacturer of 911 Carrera this year replaces its financial manager, the head of sales and marketing, and appointed a new head of purchases and employees.

“You need both hands on the wheel.”

Blume’s double dual role has increased as it raised the Volkswagen capital from investors as part of the Porsche Standard Public subscription. With VW, the car maker and Porsche was first placed as a pure luxury brand, and the two appealed to the two distinct groups of shareholders. This creates a conflict of interests as different pants that compete for the limited Blume time.

“You need both hands on the steering wheel, and this is not the case now,” said Inka Invest, in Volkswagen’s Agm.

Hindrik Schmidt, a corporate governance expert with the Fund Director DWS, noted that Blume is the only CEO who runs two companies listed in the Blue Chip Dax index at the same time – “a unique position in the German scene of companies.”

The struggle over the two roles does not help in the difficult situation facing Volkswagen and Borsh currently, especially in China.

It has moved from being a market in which profitable growth seemed limitful for the car in which local competition replaces non -Chinese brands, especially among younger consumers.

Blume’s answer to the current distress – accelerate the “speed of China”

While Blume’s Porsche enjoyed high records of vehicle sales across four among its five major global regions last year, the story was completely different in China.

“The environment has changed in the shortest time periods, the market has completely collapsed. Our sizes are now a third of what we had just two years ago,” he said.CarsIn an interview published on Monday.

Even the Chinese joint projects of the Volkswagen-which are locally manufactured using local suppliers-have failed to transfer their hegemony in combustion engines to hybrid car makers. Despite its 22 % share of the previous, it does not make the first ten positions in the end.

The brutal price competition throughout the industry now means that JVS witnessed that its proportional operational income is steadily shrinking to 1.74 billion euros last year compared to 4.4 billion euros five years ago, according to the company’s accounts.

Blume’s answer was a new group strategy to suit competitors, and to accelerate Volkswagen’s efforts to the so -called “China speed”.

This story was originally shown on Fortune.com

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2025-05-19 11:55:00