Porsche to discontinue subsidiaries as part of ‘challenging transformation’
As part of carmaker Porsche’s “strategic realignment”, it will discontinue its subsidiaries Cellforce Group, Porsche eBike Performance and Cetitec, with more than 500 job losses.
CEO Dr Michael Leiters said: “Porsche must refocus on its core business. This is the indispensable foundation for a successful strategic realignment. This forces us to make painful cuts, including our subsidiaries.”
The group is also restructuring internal divisions. The Car-IT division will be suspended, and board member Sajjad Khan will contribute his expertise in the future as part of a software partnership model.
Chairman Dr Wolfgang Porsche said: “Porsche is in a challenging phase of transformation. We need to realign the company and are consistently adapting our structures under the leadership of Dr Michael Leiters to the changed circumstances, including at Executive Board level.”
The Car-IT division will continue to be managed by Sajjad Khan until 19 June and will then be integrated into the Research and Development division.
