Porsche changes CEOs

The changes continue at Germany's most famous sports-car maker: Porsche CEO Michael Macht is being replaced after less than a year at the helm by Matthias Mueller. The changes take effect on Oct. 1.

Macht, 49, will head to Porsche parent Volkswagen AG and take over as production chief.

Mueller, 57, is head of product strategy for VW and will be tasked with invigorating Porsche's stable of luxury and sports cars.

Macht took over from Wendelin Wiedeking after the latter left in the wake of Porsche's failed takeover of Volkswagen. His tenure was marked by the surprise introduction of the 918 Spyder, an open-air electric supercar, at the Geneva motor show. The reveal stunned the car world and signaled Porsche's intent to keep pace with other luxury and sports-car makers, which are increasingly looking at greener models to win customers.

Both Porsche and Volkswagen are attempting to increase sales, and the parent company has designs on overtaking Toyota and General Motors as the world's largest automaker.

By Greg Migliore