Volkswagen Unions Urge Blume to Quit Porsche Role
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Volkswagen AG鈥檚 powerful unions joined investors in urging CEO Oliver Blume to give up his double role and focus on turning around Europe鈥檚 largest automaker.
The company鈥檚 top labor official, Daniela Cavallo, on Sept. 2 urged Blume to step aside as head of Porsche AG, where he has remained CEO even after taking the helm at Volkswagen in 2022. Porsche has started听exploring options听for possible successors, Bloomberg reported last week.
鈥淭he CEO cannot be a part-time boss in Wolfsburg and spend the rest of his time at Porsche,鈥 Cavallo said in a speech to workers in Wolfsburg, according to an internal memo seen by Bloomberg. 鈥淭his situation must end!鈥
Blume has led Porsche since 2015 and retained the position after succeeding Herbert Diess as Volkswagen CEO seven years later. His double mandate has long concerned investors, particularly as both companies struggle with U.S. tariffs, waning profits and lower sales in China. Porsche has cut its financial outlook twice this year, while Volkswagen is in the midst of a far-reaching restructuring.
Volkswagen is preparing to unveil the first of its next-generation electric vehicles, the compact VW听ID.2. The battery-powered hatchback, which is meant to start an era of fresh growth, will be on display at the Munich auto show that starts next week.
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