It can’t be easy running a global carmaker in such an unforgiving age. The thought of running two at the same time is almost inconceivable – a criticism levelled at Oliver Blume by investors in recent months. Being Chairman of the Executive Board at Porsche and VW Group simultaneously is enough to make anyone’s hair fall out, even when conditions were rosy. But recent results, particularly at Porsche, have made Blume an easy target for people’s dissatisfaction with the brand’s direction of travel – hence confirmation today that he will step down.
According to a terse official statement, this is ‘a mutually agreed early termination of his appointment’ – and insofar as his position had become untenable in the aftermath of Porsche’s strategic climbdown, that is conceivably true. Blume was the primary architect of a plan that might have seen 80 per cent of Porsche’s lineup turned all-electric by 2030 – a plan now formally dropped in the face of unworkably low demand. He will now be expected to turn his attention back to the VW Group exclusively, which faces some of the same problems, albeit at a vastly different scale.
Despite changes made ahead of his departure, filling Blume’s shoes at Porsche will not be easy based on the formidable in-tray his replacement will be presented with – but the manufacturer suggests it has already lined up a suitable successor in the shape of Michael Leiters, until very recently the CEO of McLaren. His appointment is apparently not set in stone – ‘negotiations with Dr. Leiters will be initiated’, Porsche says – although it’s probably safe to assume that’s just window dressing ahead of his official introduction.
Leiters, you’ll recall, departed McLaren in the wake of its merger with Forseven, an electric startup headed up by former JLR exec, Nick Collins. While the firm suffered through many of its own problems during his tenure, its CEO was credited with doing much good – not least in transforming the Artura from potential skip fire to genuine world-beater. His attention to detail was perfected at Ferrari, where his record as CTO is stellar, though it was doubtless forged at Porsche itself, where he spent more than a decade earlier in his career. The ideal man to shepherd his former employer toward sunlit uplands? A back catalogue that includes the 750S, W1, F8 Tributo, 296 GTB, SF90 Stradale will surely do him no harm, nor an intricate understanding of the Cayenne. Or, indeed, a proven resistance to going fully electric before the time is right…