Porsche, the luxury carmaker (P911_p.DE), replaced its CFO and head of sales on Wednesday, appointing two company veterans as part of a board reshuffle aimed at improving its declining performance and weak share price.
The company announced late on Tuesday that Jochen Breckner, who has been with Porsche for 25 years and headed corporate development since 2018, will oversee finances and IT. Matthias Becker, previously with Audi and Skoda and in charge of overseas markets for Porsche since 2015, will lead sales and marketing.
The carmaker stated that their predecessors are leaving by mutual agreement.
Porsche’s board began discussions in early February to end the contracts of finance chief Lutz Meschke and sales executive Detlev von Platen after both faced heavy criticism for the company’s poor performance and weak share price.
Since its stock market debut in 2022, when it was valued higher than parent company Volkswagen AG (VOWG_p.DE), the company has struggled to boost EV sales and faced weak demand in China, its largest market.
Earlier this month, Porsche’s shares reached their lowest value since listing, following a warning that costs for new models and battery-related expenses would reduce its 2025 margins to just 10-12%, falling below analysts’ expectations.
Meschke will continue to serve on the board of Porsche SE, an investment firm owned by the Piech and Porsche families, which holds 12.5% of Porsche and is Volkswagen’s largest shareholder.
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