Volkswagen’s luxury brand Porsche plans to part ways with Chief Financial Officer Lutz Meschke and Chief Sales Officer Detlev von Platen, citing a possible shake-up in its executive leadership. The company’s supervisory board has tasked Chairman Wolfgang Porsche with negotiating an “amicable early termination” of their contracts, according to a regulatory statement released on Monday.
The company did not disclose the reasons behind the decision, but industry analysts suggest it may be linked to Porsche’s recent financial performance. While 2024 was projected as a transitional year due to model revamps across four of its six vehicle series, reports indicate that Porsche may also miss its sales and profit margin targets. The company is reportedly considering a cost-cutting strategy to address these concerns.
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Von Platen, who has led Porsche’s global sales and marketing since 2015, may have been affected by declining sales in China, where the company registered a 28% drop compared to 2023. Although global sales fell by only 3%, the Chinese market remains critical to Porsche’s overall strategy. With Porsche’s annual sales expected to fall below 300,000 units in 2025, the supervisory board may be seeking fresh leadership to reinvigorate sales.
Meschke’s potential departure comes as a surprise given his long tenure and role as Deputy Chairman since 2015. He was widely viewed as a key figure within Porsche and a potential successor to CEO Oliver Blume, should Blume step down from his dual role as Volkswagen Group’s CEO. However, tensions may have arisen over strategic differences, particularly regarding the European Union’s planned 2035 ban on internal combustion engines. In October 2024, Meschke publicly advocated for scrapping the ban, a position that Blume has refrained from endorsing.
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While Porsche has not confirmed a direct link between Meschke’s stance and his possible exit, German media reports suggest that Wolfgang Porsche is backing Blume’s leadership and aims to establish “clear conditions” within the company. As Porsche faces shifting market conditions and internal realignments, the restructuring of its executive board signals a potential new direction for the brand.
