Porsche axes board position as part of restructuring

BERLIN, May 7 (Reuters) - ‌German ​sports ​car maker Porsche is cutting the number of executive board members ‌to seven from eight as part ⁠of a strategic realignment of the company under ‌new CEO Michael Leiters, ‌it said on Thursday.

Under the restructuring, the research and development division will ​incorporate Car IT from July 1. Sajjad Khan, who oversaw software and ⁠infotainment as the board member for Car IT, will no ​longer serve on the board and will not be replaced, Porsche ​said.

Both Porsche and its ‌majority-owner Volkswagen are under pressure to cut costs. Porsche is grappling ⁠with collapsing sales in China, tariff costs and missteps in its EV transition, which ⁠have weighed on profitability.

"Porsche is in a challenging ​phase of transformation," supervisory board chairman Wolfgang Porsche said in a statement announcing the move.

Khan "will ‌remain available to Porsche in the future", the company said in ‌its statement.

Deputy board chairman Michael Steiner ⁠will remain head ‌of the R&D ​division in its expanded form.

(Reporting by Rachel More; Editing by Susan ‌Fenton)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Exclusive-Fauci's lawyers set up legal defense fund as US probes multiply
• German state politician calls for EU tariffs on Chinese hybrid cars, letter shows
• First migrants buried in Spain's Ceuta after deadly border rush