Porsche 2010 Annual Report Download - page 46

Group management report
Significant events at the Porsche
Zwischenholding GmbH group
Matthias Müller was appointed as the new
CEO of Porsche AG on 6 July 2010 by Porsche AG’s
supervisory board effective as of 1 October 2010. He
had previously been the head of product planning,
product management and model series of the Volks-
wagen group and the Volkswagen brand. Matthias
Müller is taking over from Dr. Michael Macht at Por-
sche AG, who left the executive board effective as of
30 September 2010. Dr. Michael Macht was appoin-
ted by Volkswagen AG’s supervisory board to the
board of management of Volkswagen AG, effective as
of 1 October 2010.
The corresponding change also took place in
the management of Porsche Zwischenholding GmbH.
At its meeting of 29 November 2010, the su-
pervisory board of Porsche AG appointed Wolfgang
Hatz to the executive board of the company, effective
1 February 2011. He assumed responsibility for
research and development. In addition, he remained
head of engines and transmissions development at
the Volkswagen group. The previous member of the
Porsche AG executive board with responsibility for
research and development, Wolfgang Dürheimer,
assumed the post of Chairman of the executive board
at Bentley Motors Ltd., and on 1 February 2011 took
up the position of president and managing director of
Bugatti S.A., and the function of motorsport director
for the Volkswagen group.
New loan agreement
During the reporting period, Porsche AG
agreed a new syndicated loan of 1 billion euro that
will be used to refinance bonds of 1 billion euro which
fell due in early February 2011. The syndicated loan
will fall due at the end of 2011 or, if a prolongation
option is exercised, one year later.
Porsche plans new model
At its meeting of 29 November 2010, the su-
pervisory board of Porsche AG instructed the execu-
tive board to drive forward development of a new
model up to series production. With the new model,
Porsche AG intends to extend its offering in the spor-
ty off-roader segment which comprises the existing
Cayenne model series. Porsche AG had earlier appro-
ved capital expenditures of 150 million euro for the
construction of a wind tunnel, a design center and an
electronics integration center at the Weissach deve-
lopment facility.
Significant events at the
Volkswagen group
Group’s board of management enlarged
The Volkswagen group extended its board of
management as part of its Strategy 2018. With
effect as of 1 October 2010, Prof. Dr. Jochem Heiz-
mann, previously in charge of “Group Production”,
took over the new “Group Commercial Vehicles”
portfolio on the board of management and assumed
management of the group’s truck activities. His pre-
vious position on Volkswagen AG’s board of mana-
gement was taken over by Dr. Michael Macht, previ-
ously CEO of Porsche AG.
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