The Porsche Supervision Board is negotiating the early termination of contracts with the chief financial director (CFO) Lutz Pyshka and the head of the Sales and Marketing Department for the children von Platen. The reasons for dismissal are the fall in weak profits and sales in China.
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Reuters informs with reference to the company’s statement. According to the publication, both senior managers were criticized for the weak financial results of the company and the low cost of shares.
After the OPI, in September 2022, Porsche’s actions showed a high dynamic: at the beginning of October 2022, the company even exceeded the maternal Volkswagen capitalization, becoming the most expensive car manufacturer in Europe.
However, now Porsche values are negotiated at a level of 30% lower than the price of the IPO. In 2024, the cost of Porsche’s shares fell by 29%, almost € 51 per paper at € 38.
In October, a car manufacturer announced a strategy to reduce expenses, since it has to fight against the weakening of the economy and the growing competition of China.
Author:
Ahmed Sadulaev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
