Porsche extends chief’s contract for five years

The head of Porsche, Matthias Müller, has had his contract renewed for another five years, the board of the German sports car company said on Friday.

Published: 1 March 2014 09:04 CET

Porsche extends chief's contract for five years

Photo: DPA

Müller took charge of Porsche, a unit of Volkswagen, in October 2010 and his contract had been due to expire in January next year, before it was extended to the end of 2019.

"Despite growth, we want to keep our Porsche culture, a path we are continuing with Matthias Mueller," the deputy chairman of the board, Uwe Hück, said in the statement announcing Mueller's extension.

Müller was also kept on in his role as director of strategy and of development, the statement said.

Member comments

Become a Member to leave a comment.

German prosecutors raid Porsche in corruption probe

Porsche cars for sale in Bremen. Photo: DPA

The investigators suspect that “an official from the Stuttgart business audit office revealed confidential information to a tax advisor of Porsche AG and accepted benefits in exchange,” they said in a statement.

Almost 200 police and prosecutors searched the luxury car maker's offices, tax collectors' offices, a tax advisor's office and private homes in and around Stuttgart for paper and digital documents.

On top of the bribery probe, investigators suspect the company made “unjustified” and “disproportionately large” payments to a former works council member.

Six people, including some from the company leadership, “may have committed fraud against Porsche AG” they said.

Porsche confirmed to AFP that the searches had taken place, adding that the carmaker “is cooperating fully with the authorities.”

On top of the bribery probe, investigators suspect the company made
“unjustified” and “disproportionately large” payments to a former works
council member.

They “may have committed fraud against Porsche AG,” said prosecutors.

The former works council member was not one of the people under suspicion, prosecutors said.

Earlier this month, Porsche agreed to pay a fine of €535 million over its role in the separate “dieselgate” emissions cheating scandal.

Its parent company Volkswagen admitted in 2015 to manipulating 11 million vehicles worldwide to appear less polluting in the lab than on the road.

SHOW COMMENTS

Url copied to clipboard!