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Finance

Porsche starts talks to end CFO, sales chief contracts

Published by Global Banking and Finance Review

Posted on February 2, 2025

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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)