Porsche extends CEO Mueller's contract by five years

Under Mueller, sales at Porsche have boomed.
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FRANKFURT -- Porsche CEO Matthias Mueller, who has led the sports car brand to record sales and defended the marque's exclusivity within Volkswagen Group, has won a five-year contract extension.

Muller, 60, a former product strategy boss at the Audi and VW brands, was appointed Porsche CEO in 2010 after VW Group took control of the formerly independent sports car maker.

His appointment worried Porsche executives who feared Mueller and his VW Group bosses would push Porsche to go after high sales volumes at the expense of the brand's image, according to German press reports.

Although Porsche will launch the Macan compact SUV next month, Mueller convinced executives that the brand will continue to maintain its exclusivity, the reports said.

Porsche said Mueller's new term of office will start on Jan. 1.

"Under his leadership, the company has continued to develop positively and the integration of the sports car manufacturer into the Volkswagen Group worked perfectly," Wolfgang Porsche, supervisory board chairman, said in a statement.

Last month, Mueller said Porsche expects to reach its target of 200,000 annual unit sales next year, three years earlier than planned. Porsche's vehicle sales rose 15 percent to an all-time high of 162,145 last year.

The Macan has already sold out about eight months of production ahead of its arrival in April at German dealerships, sales chief Bernhard Maier said recently.

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