Porsche Extends Contract for CEO Matthias Mueller image

Porsche reported it will extend CEO Matthias Mueller contract by another year until October 2014.

Matthias Mueller, was named Porsche’s CEO in 2010 and oversaw the automaker’s integration into the WV Group last August. Some close associated expect Mueller’s contract to be extended by other four years after this new deal will expire on October 2014, a move which will allow Mueller to see out the automaker’s plan to reach sales of 200,000 vehicles by 2018, up from 141,000 vehicles sold in 2012.

“Everyone involved saw this as a good time to extend the term of my contract,” Mueller told Automobilwoche.

Last year former Porsche CEO Wendelin Wiedeking and former CFO Holger Haerter were charged with market manipulation in the failed bid to take over VW. Claudia Krauth, spokeswoman for Stuttgart prosecutors, said that the breach of trust charges were dropped as there was no evidence to back them. The allegations regarding information-based market manipulation dropped from 14 to 5 during the probe.