Berlin (Reuters) -Porsche launched the search for a successor to its chairman of the management board Oliver Blume, said a source close to the file, a process that could end his double disputed function at the head of the manufacturer of luxury sports cars and his parent company Volkswagen.

The double cap of Olivier Blume, at the head of Volkswagen and Porsche AG has aroused tensions among the shareholders since the IPO of Porsche as a dispatched entity in September 2022.

Olivier Blume, who repeatedly stressed that this situation was not called upon to last, said last month, when it was questioned on the calendar of the split of roles: “We have not set a date and will see how things are evolving this year”.

Volkswagen, Porsche and Porsche SE, the investment vehicle for Porsche and Piëch families, which holds the majority of Volkswagen’s voting rights, have all refused to comment.

In Frankfurt, Porsche action took 1.1% following the publication on Wednesday press information on the case by the German economic weekly Wirtschaftswoche, which cites several high sources placed in the company.

The search for a successor is underway, discussions taking place between Olivier Blume, the chairman of the Volkswagen supervisory board, the works council as well as representatives of Porsche and Piëch families, according to the Wirtschaftswoche.

Porsche and Piëch families de facto Volkswagen via their Porsche Holding, which holds the majority of the manufacturer’s voting rights in Wolfsburg.

The appointment should be announced in the fall and implemented by early 2026, specifies the magazine, adding that internal and external candidates are envisaged.

Olivier Blume has already repeatedly indicated that the double function was not intended to last indefinitely, without however fixing a date to end it.

(Christina Amann, Rachel More, with Amir Orusov, written by Christoph Steitz; Noémie Naudin, edited by Augustin Turpin)

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