Porsche Renews Contract Of CEO Matthias Muller

The Porsche AG board announced Friday that it voted to renew the contract of Matthias Müller, company president and chairman of the executive board. The new contract takes effect in January 2015, meaning Müller is poised to run Porsche through at least 2020.

Matthias Müller became Porsche president and CEO in October 2010, after stints at Audi and Volkswagen. His appointment came after Porsche's failed takeover of the Volkswagen Group; Porsche attempted to buy a majority of Volkswagen shares to assume control of the company, only to hit a financial crisis and end up being rescued by and absorbed into the Volkswagen Group -- the total opposite of the company's ambition.

Müller joined Audi in 1977, and was placed at the head of Audi A3 development in 1993. In 1995, he was given responsibility for all Audi product development, and in 2003 he was made responsible for all Audi and Lamborghini product lines. Four years later, Müller moved to Volkswagen.

In a statement, Porsche chairman of the supervisory board Dr. Wolfgang Porsche said, "Under his [Müller's] leadership, the company has continued to develop positively and the integration of the sports car manufacturer into the Volkswagen Group worked perfectly. We look forward to working with him in the years to come."

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