Published by Global Banking & Finance Review®
Posted on February 2, 2025
2 min readLast updated: January 26, 2026
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Porsche is negotiating early termination of its CFO and sales chief contracts due to poor performance and weak sales in China.
BERLIN (Reuters) -Porsche's supervisory board has started talks to end finance chief Lutz Meschke's and sales executive Detlev von Platen's contracts early, the German luxury carmaker said in a statement late on Saturday, as it struggles to boost flagging earnings and weak sales in China.
German large circulation newspaper Bild was first to report on the talks, with Porsche releasing a statement shortly after that.
Porsche declined to give any further comment to Reuters.
Both managers have been criticised for the company's poor performance and weak share price, the newspaper said.
In October, the carmaker said it would cut costs as it is struggling with a weakening economy and growing competition in China, the world's largest automotive market, and a slower-than-expected electric vehicle transition.
Porsche's shares, having initially performed strongly following their debut in September 2022, and even outperforming its parent Volkswagen by market capitalisation, closed on the last trading day on Friday 30% lower than the IPO price.
Volkswagen finds itself amidst a massive restructuring and plans to cut more than 35,000 jobs in the future, seeking to regain ground from cheaper Chinese rivals amid weak demand in Europe and a slower-than-expected adoption of electric vehicles.
(Reporting by Andrey Sychev and Victoria Waldersee;Editing by Elaine Hardcastle)
Both finance chief Lutz Meschke and sales executive Detlev von Platen have been criticized for the company's poor performance and weak share price.
Porsche is struggling with a weakening economy, growing competition in China, and a slower-than-expected transition to electric vehicles.
Porsche's shares initially performed strongly after their debut in September 2022 but have since faced challenges, closing lower on the last trading day.
Volkswagen is undergoing a massive restructuring and plans to cut over 35,000 jobs to regain market share from cheaper Chinese rivals amid weak demand in Europe.
The news about Porsche's management discussions was first reported by the German newspaper Bild.
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