December 18, 1987
Porsche, the West German luxury sports car maker whose sales have dropped severely in the vital U.S. market, will replace its chief executive with a cautious accountant. Porsche AG said Peter Schutz, 57, was stepping down at the end of 1987, a year before his contract expires. He will be replaced by the company's longtime finance director, Heinz Branitzki. A statement said the departure of Schutz, who joined Porsche as management board chairman in 1981, was in "mutual agreement."