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."
November 13, 1987 |
The West German luxury sports car manufacturer Porsche AG today announced plans to cut production because of shrinking U.S. sales. The move will result in a "short-time" week for employees until the market improves. The auto maker did not know how many workers will be affected. Sales dropped dramatically last month--about 30% in the United States alone--due to the stock market crisis and the fall of the dollar, company spokesman Uwe Brodbeck said.
January 24, 1985 |
Peter Schutz's company may build some of the fastest production cars in the world, but the president of Porsche AG says the West German company should have slowed down on at least one of the decisions it made in 1984. That was the plan, unveiled nearly a year ago, to start selling its sports cars through "agents" rather than franchised dealers in the United States.