STORY: Leading members of Porsche's supervisory board have authorised the start of discussions with chief executive Oliver Blume...
about terminating his contract with the luxury carmaker.
The company announced the news on Friday in a statement.
It said Blume will continue to serve as CEO of Volkswagen, which owns Porsche.
The company named Michael Leiters who is former CEO of McLaren, as a potential successor.
And said negotiations would be initiated with him.
Pressure has mounted on Blume, who has led Porsche for 10 years, to give up one of the jobs.
Both companies face major challenges from tariffs, weak Chinese demand and a costly shift to electric vehicles.
Since Blume took the helm at both automakers, shares in VW have fallen by more than a third.
While Porsche's stock is down more than half.
Both VW and Porsche are undergoing restructuring.
Some investors have said that requires the undivided attention of a CEO for each company.
