WOLFSBURG (dpa-AFX) - VW minority shareholders have called on CEO Oliver Blume to step down from Porsche's top management. In view of the crisis facing both companies, it is not acceptable for Blume to lead both DAX-listed companies, said Ingo Speich of the fund management company Deka at the virtual annual general meeting. "You are caught in the crossfire of interests, and even your day only has 24 hours."

In order to turn Volkswagen around, he must concentrate on one of the two tasks, said Speich. "To do that, you need to have both hands on the wheel, and that is not the case at present." Criticism also came from other action representatives: Volkswagen only has a part-time boss in Blume, "who is in over his head," criticized Janne Werning of Union Investment. This dual role should be ended immediately, demanded Hendrik Schmidt of fund provider DWS.

Blume: "Dual role is a recipe for success"

Blume himself rejected this. "The dual role is a recipe for success," he said. "Especially in the current challenging times, the advantages far outweigh the disadvantages." However, he also made it clear that "the dual role is not intended to be permanent." Ultimately, however, the decision must be made by the supervisory board.

With regard to the Group's situation, Blume spoke of continuing challenging conditions. "We are currently experiencing a world in rapid change." Added to this is now new uncertainty in the US business due to President Donald Trump's tariff policy.

New plan for US business

Blume announced an action plan for the North American business, which is currently being worked on. Starting this year, US subsidiaries will be exempt from the group's diversity targets, announced Manfred Doss, Chief Legal Officer. US President Trump is calling for an end to such programs designed to promote disadvantaged groups.

Speculation about Blume's dual role had recently been fueled by several changes in Porsche's executive board. Chief Financial Officer Lutz Meschke, who was previously considered the crown prince in Stuttgart, was replaced. The new deputy CEO will be Michael Steiner, who is stepping down as head of group development in Wolfsburg. This had sparked speculation that Blume was preparing his succession in Stuttgart. /fjo/DP/jha