Prior to a conceivable IPO, Porsche is planning a significant new hire.
The sports car manufacturer, which is a part of the Volkswagen Group, announced that Sajjad Khan will join its executive board. Khan served as competitor Mercedes-top Benz’s technology officer up until a year ago, when he resigned to launch a venture capital fund. Khan is an internationally recognised expert in the development of intelligent software in vehicles.
The Supervisory Board of #Porsche AG has decided that it intends to appoint Sajjad Khan to the Executive Board of the Stuttgart-based sports car manufacturer. The 48-year-old would focus primarily on Car-IT and become the eighth member of the body. More: https://t.co/3LJHr57wI2 pic.twitter.com/bho5YVSPak
— Porsche Newsroom (@PorscheNewsroom) September 1, 2022
Sajjad Khan, 48, will largely focus on automotive technology, according to a statement from Porsche. Khan would be a significant addition to the executive group under Olive Blume, who on Thursday was named CEO of VW while retaining his position as CEO of Porsche.
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“We look forward to being able to welcome Sajjad Khan, a proven digital expert, to the Board and thereby to strengthen our IT team in a critical position,” Porsche AG executive board Chairman Oliver Blume said in a statement.
Sajjad Khan, a German citizen who was born in Pakistan, will join the executive board as the eighth member.
Up to August 2021, Sajjad Khan spent more than six years working at Mercedes. He worked for BMW from 2011 to 2015, overseeing the company’s Connected Drive initiatives. He was recognised as a 2019 Eurostar by Automotive News Europe.
Sajjad Khan was reportedly planning to join Porsche, according to Handelsblatt. Khan will start performing his duties as soon as Porsche is able to, according to Porsche.
According to persons familiar with the situation, Porsche has secured investor interest for an initial public offering at a valuation of up to $85 billion, indicating that one of Europe’s largest-ever listings is ready to proceed despite market headwinds.
It has not yet been decided exactly when Porsche will make a final decision concerning the appointment of Sajjad Khan and when Khan could ultimately start at Porsche. Khan could begin his duties as soon as he is available to do so.