Porsche reshuffles leadership in bid to boost flagging performance
In a decisive board reshuffle aimed at reversing its underwhelming market performance, luxury automaker Porsche has named two company veterans to lead finance and sales.
Jochen Breckner, who has spent 25 years at Porsche and has served as head of corporate development since 2018, will take over as CFO and oversee IT operations effective Wednesday.
Matthias Becker, previously head of overseas markets since 2015 and with stints at Audi and Skoda, has been tapped to lead sales and marketing.
The changes come as the company faces mounting pressure on its share price, impacted by weak electric vehicle sales and a slowdown in its key market, China.
Porsche’s board had been in talks since early February to end the contracts of finance chief Lutz Meschke and sales executive Detlev von Platen, who had come under scrutiny for the firm’s lackluster performance.
While the new appointments signal a fresh strategic direction, former CFO Lutz Meschke will remain on the board of Porsche SE, the investment firm controlled by the Piech and Porsche families, which holds a 12.5% stake in Porsche and serves as Volkswagen’s top shareholder.
Analysts note that the shift in leadership comes at a critical juncture for Porsche. At its market debut in 2022, the automaker was valued higher than its parent company, Volkswagen AG, but has since struggled to meet expectations.
Porsche recently warned that rising costs associated with new models and battery expenses could push its 2025 margins to a modest 10-12%, well below analyst projections.