Who is the new CEO of Porsche, and what does he bring to the table? Find out inside.
Michael Macht is on his way out as CEO of the Porsche AG. Macht will be replaced by Matthias Mueller, 57, who had been in charge of product planning and management for Volkswagen and the VW Group.
Macht, 49, is being shuffled inside the VW Group, and will become a member of the board at Volkswagen in charge of car production. He replaces Jochem Heizmann, 58, who will take over commercial truck production at the firm.
All of the executive changes begin on October 1.
As the new chief of Porsche, Mueller will be tasked with making the luxury brand's full integration into Volkswagen smooth following Porsche's disastrous attempt to take over VW. Under the leadership of former CEO Wendelin Wiedeking, Porsche accrued so much debt when attempting to acquire VW, that they needed their former target to bail them out.
Mueller will draw off his experience working with different brands under the VW Group umbrella to accomplish an easy transition for Porsche. He will also attempt to breathe new life into Porsche's product offerings, which could include bringing the Porsche 918 hybrid convertible to market.