Just over nine months after his departure from sports car manufacturer Porsche AG, Lutz Meschke is now also stepping down from his board position at its major shareholder, Porsche SE.
The 59-year-old Meschke will relinquish his role as Executive Board Member for Investments at the publicly listed Porsche and Piech family holding company later this month, the company announced on Tuesday in Stuttgart. His contract had only been renewed in 2024 and was set to run until 2030. The position will be eliminated, with CEO Hans-Dieter Potsch assuming Meschke's responsibilities. As a result, the Porsche SE Executive Board will be reduced to three members.
Meschke had already been replaced as Chief Financial Officer of Porsche AG in February after nearly a decade in the role, receiving a severance package of EUR11.6 million.
Since 2020, Meschke was tasked with expanding investments at Porsche SE to reduce its dependence on the currently struggling automakers Volkswagen and Porsche. As recently as March, he announced that Porsche SE was seeking a third core investment. To date, Porsche SE has invested in around 15 mostly automotive-related companies, but also holds stakes in the young defense firm Quantum Systems and long-distance bus provider Flix. Chairman of the Supervisory Board Wolfgang Porsche praised Meschke's "significant contribution to the successful expansion of investment management and the positioning of Porsche SE as a diversified investment platform."
(Report by Alexander Hübner. Edited by Ralf Bode. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com)
