Porsche Extends Contracts for Two Members of the Executive Board image

Porsche has extended by another five years the contracts for two Executive Board members.

Porsche has extended the contracts of Wolfgang Hatz and Uwe-Karsten Städter by another five years. Wolfgang Hatz (54) became a member of the Executive Board Research and Development department in February 2011 and his new contract will begin on February 1st, 2014, while Uwe-Karsten Städter (57) has joined the Procurement department in April 2011 and his new contract will begin on April 1st, 2014.

“The contribution from Mr Hatz and Mr Städter has been pivotal in creating the integrated automotive group with Volkswagen, thereby helping to set the course for a successful future for Porsche AG,” said Chairman of the Supervisory Board of Porsche AG, Dr. Wolfgang Porsche.

On another matter, last week, Porsche tuners SpeedART and 9ff have recently filed for insolvency protection in Germany. As the European auto market continues to struggle with the financial crisis, more and more companies find it difficult to survive. Although there are not many tuner companies left, analysts believe that 9ff and SpeedART are not the ones to end the list.

“It is with heavy hearts that we regret to inform the Porsche tuning community that speedART has had to declare bankruptcy due to mounting legal fees from an intense battle with Porsche,” said SpeedART on its website.

Source: .porsche.com