Porsche AG announces top managemnet changes 2010-07-06

Matthias Muller New Chairman of the Porsche AG Board of Management Change in Top Management: Michael Macht Appointed Board Member Production of VW Group STUTTGART/ATLANTA - July 6, 2010 - Taking effect on October 1, 2010, the Supervisory Board...

Matthias Muller New Chairman of the Porsche AG Board of Management
Change in Top Management: Michael Macht Appointed Board Member Production of VW Group

STUTTGART/ATLANTA - July 6, 2010 - Taking effect on October 1, 2010, the Supervisory Board of Dr. Ing. h.c. F. Porsche AG, Stuttgart, has appointed Matthias Muller (57) the new Chairman of the Board of Management of the world-famous manufacturer of premium sporting cars. Muller, moving from Volkswagen AG, Wolfsburg, to the Top Management of Porsche AG, is following in the footsteps of Michael Macht (49) appointed a Member of the Group Board Management of Volkswagen AG by the Supervisory Board. In future Macht will be responsible for the Production Division and, as a result, the control and coordination of all plants within the Volkswagen Group.

Previously in charge of Product Planning, Product Management and Model Series for the VW Group and the Volkswagen Brand, Matthias Muller has successfully promoted the development of Product Lines in the last three years within the VW Group. "Matthias Muller gives us the exceptional competence of an outstanding product expert benefiting the interaction of independent brands within an Integrated Automotive Group leading the market worldwide. Contributing this knowledge, he guarantees that Porsche, as a world brand, will not only maintain, but further expand its top position", states Dr. Wolfgang Porsche, Chairman of the Supervisory Board of Porsche AG, on the appointment of Muller, who hails from the town of Chemnitz in Eastern Germany.

Dr. Porsche also expresses great praise for the outstanding services of the former Chairman of the Board of Management: "Michael Macht took over the leadership of Porsche AG in a period crucial to the Company. Through his skill and many years of experience within the Porsche Group, he has succeeded in re-stabilising the Company within a short time, placing our operations on a strong and solid foundation. Concluding the Fundamental Agreement between Porsche Automobil Holding SE and Volkswagen AG, Michael Macht has played a significant role in setting out the ongoing schedule for our fully Integrated Automotive Group."

The Chairman of Porsche AG's Group Works Council, Uwe Huck, also congratulated the former Chairman of the Board of Management: "I wish Michael Macht all the very best and lots of success in his new position on Volkswagen's Group Board. I know that in future the people at Porsche will remain close to him and that he will continue to work all-out to use the full capacity of our plants in Zuffenhausen and Leipzig to the benefit of the Company.

Huck also bid a warm welcome to the new Chairman of the Board of Management of Porsche AG: "From numerous talks with Matthias Muller I know that he will maintain Porsche's unique and independent position also in future. Precisely this makes him the right man for us representatives of the workforce, which is why we give him our full support. We already see him today as a genuine "Porsche man" enabling us to really push down the throttle at all our plants. I am confident that the workforce will work well and successfully with Matthias Muller to the benefit of the Porsche Company as a whole."

-source: Porsche Cars North America, Inc.

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