Generation change in the Volkswagen Group

• Oliver Blume to take over additional Group position as of 1 September 2022
• Oliver Blume to remain Porsche CEO in the long term – also following a possible IPO

In its meeting today, the Supervisory Board of Volkswagen AG appointed Oliver Blume as the new Chairman of the Group Board of Management. He will take over this position with effect as of 1 September and will at the same time remain Chairman of the Board of Management of Porsche AG – also after a possible IPO.

Oliver Blume said: “I am very excited to lead both Porsche AG and the Volkswagen Group. My focus will be on the customers, brands and products. The human component is always at the forefront for me. Team spirit, fairness and passion are essential for success, and this applies to the brands as well as the Group. The Porsche team can rely on me to lead the company over the long term – also after a possible IPO. We have put Porsche on a successful footing technologically, financially and culturally – and see ourselves as a leader of sustainable mobility.”

Oliver Blume has chaired Porsche AG’s Board of Management since 2015. Before that, he was the Board of Management member responsible for Production and Logistics at Porsche. He has been a member of the Group Board of Management since 2018. Born in Braunschweig, he joined the Volkswagen Group in 1994 and, since then, has held management positions for the brands AUDI, SEAT, Volkswagen and Porsche.

IMAGE CAPTION:

911 GT3: Fuel consumption* combined (WLTP) 13.0 – 12.9 l/100 km, CO₂ emissions* combined (WLTP) 294 – 293 g/km, Fuel consumption* combined (NEDC) 13.3 – 12.4 l/100 km, CO₂ emissions* combined (NEDC) 304 – 283 g/km