After months of internal pressure and mounting dissatisfaction from investors, Porsche has announced that it will replace CEO Oliver Blume. The company confirmed today, via an official statement from the Supervisory Board, that negotiations have begun for an early and mutually agreed termination of Blume's mandate as head of Porsche AG.

 

Michael Leiters, former CEO of McLaren Automotive and a former Porsche executive with 13 years at the company, is set to take the reins. He is widely seen as the ideal candidate to revitalize the Zuffenhausen-based brand.