Volkswagen Plans Management Reschuffle At Porsche
July 06 2010 - 8:37AM
Dow Jones News
Germany's Volkswagen AG (VOW.XE) is planning a management
reshuffle at Porsche AG, in which Volkswagen production strategy
chief Matthias Mueller will become head of Porsche AG, Porsche said
Tuesday -a move set to tighten Volkswagen's grip on the German
sports car maker it half-owns.
Porsche AG is the sportscar operation of Porsche Automobil
Holding SE (PAH3.XE).
Michael Macht, Porsche AG's current chief, will take over Jochem
Heizmann's position as head of Volkswagen production. Heizmann is
set to coordinate a new "Group Trucks" subsidiary, effective Oct.
1, Volkswagen said.
Mueller, who is a close confidant of Volkswagen CEO Martin
Winterkorn, knows about the product plans at Volkswagen and Audi AG
(NSU.XE), which will benefit the integration process of Porsche
into Volkswagen.
Winterkorn is pushing for the construction of smaller Porsche
cars ..... But Porsche fears that could damage the brand.
Porsche is set to be integrated as the tenth brand of the
Volkswagen group as of 2011.
Macht had taken over the management of Porsche AG after former
CEO Wendelin Wiedeking left one year ago.
Volkswagen in December acquired a 49.9% stake in Porsche's core
sports car operations through a capital increase as part of a
complex merger, which is expected to be finalized in 2011.
-By Katharina Becker, Dow Jones Newswires; +49 69 29725 500;
djnews.frankfurt@dowjones.com
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